The federal government has appointed central bank veteran Muhammad Ali Malik as Deputy Governor of the State Bank of Pakistan for a five-year term.
The federal government appointed Muhammad Ali Malik as the Deputy Governor of the State Bank of Pakistan (SBP). The Finance Division issued an official notification following approval from the federal cabinet.
The appointment takes effect immediately under Section 11A(2) of the State Bank of Pakistan Act 1956 as amended in 2022. Deputy Secretary Amna Shabbir from the Internal Finance Wing signed the official notification.
Key Background and Resolution of Vacancy
The position of SBP Deputy Governor remained vacant after Dr. Inayat Hussain completed his tenure. Reappointment efforts delayed due to legal restrictions regarding dual nationality under the updated central bank laws.
Under the SBP Act, the governor recommends a panel of three candidates in consultation with the Finance Minister, leaving the final selection to the federal cabinet. Top candidates submitted for the post included Dr. Mohammad Akhtar Javed and Muhammad Ali Malik. The cabinet selected Malik to fill the role.
Expected Roles and Portfolio Responsibilities
Muhammad Ali Malik brings extensive central banking experience to his new role. He is expected to take charge of core banking functions and financial sector regulations. His appointment comes at a crucial time as the State Bank continues to manage monetary policy, banking-sector supervision and broader financial stability across the country.
