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The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 43rd largest in terms of nominal GDP. With a population of 254.4 million people as of 2024,Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).
The Pakistani rupee is the official currency in the Islamic Republic of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan. It was officially adopted by the Government of Pakistan in 1949. Earlier the coins and notes were issued and controlled by the Reserve Bank of India until 1949,when it was handed over to the Government and State Bank of Pakistan,by the Government and Reserve Bank of India.
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution,as originally laid down in the State Bank of Pakistan Order 1948,remained basically unchanged until 1 January 1974,when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956,with subsequent amendments,forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC),the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan,including the capital Islamabad and the four provincial capitals Lahore,Karachi,Peshawar,Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well:National Institute of Banking and Finance,the training arm of the bank providing training to Commercial Banks,the Deposit Protection Corporation,and ownership of the Pakistan Security Printing Corporation.
Muhammad Taqi Usmani SI,OI,is a Pakistani Islamic jurist and leading scholar in the fields of Qur'an,Hadith,Islamic law,Islamic economics,and comparative religion. He was a member of the Council of Islamic Ideology from 1977 to 1981,a judge of the Federal Shariat Court from 1981 to 1982,and a judge in the Shariat Appellate Bench of the Supreme Court of Pakistan from 1982 to 2002. In 2020,he was selected as the most influential Muslim personality in the world. He is considered a leading intellectual of the contemporary Deobandi movement,and his opinions and fatwas are widely accepted by Deobandi scholars and institutions worldwide,including the Darul Uloom Deoband in India. Since 2021,he has been serving as the Chairman of Wifaq ul Madaris Al-Arabia. His father,Shafi Usmani,was the Grand Mufti of Darul Uloom Deoband and Taqi Usmani migrated to Pakistan with his family after the partition of India in 1948.
Ishrat Husain is a Pakistani civil servant who served as governor of the State Bank of Pakistan from 1999 to 2006,dean of the Institute of Business Administration from 2008 to 2016,and advisor to the Prime Minister on Institutional Reforms and Austerity from 2018 to 2022.
Shamshad Akhtar is a Pakistani development economist,United Nations diplomat,banker and politician who served as the caretaker finance minister of Pakistan from 2023 to 2024 as well as from 5 June 2018 to 18 August 2018.
Mohammed Yaqub Ali was a Pakistani judge who was Chief Justice of Pakistan from 1975 to 1977.
Muhammad Imtiaz Alam Hanfi was a Pakistani civil servant who served as the governor of the State Bank of Pakistan (SBP) and has been part of various government committees,including the Planning Commission. He was the first central bank governor in the country who came from within the State Bank of Pakistan and not belonging to a political party or international bodies like IMF etc.
Syed Salim Raza is a British Pakistani banker and financier who served as the 15th Governor of State Bank of Pakistan. In September 2018,Raza was appointed to the Economic Advisory Council (Pakistan),the Prime Minister's Economic Advisory Council.
Yaseen Anwar is a Pakistani-American banker who had been the Governor of the State Bank of Pakistan from 20 October 2011 to 31 January 2014. He previously also acted as deputy governor and has 33 years of experience in international banking. Anwar holds a dual Pakistan and US citizenship. He is a graduate of the Wharton Business School at the University of Pennsylvania.
Ashraf Mahmood Wathra is a Pakistani Canadian banker. He served as the 18th Governor of State Bank of Pakistan. He was appointed as the State Bank Governor on 29 April 2014 and served until 28 April 2017.
Kassim Parekh,was a Pakistani banker who served as the 11th Governor of the State Bank of Pakistan from September 1989 to August 1990. Previously,he served as a president of Habib Bank Limited.
Tariq Bajwa is a retired Pakistani civil servant who served as the Finance Secretary and Economic Affairs Secretary of Pakistan. Bajwa also served as the 19th Governor of the State Bank of Pakistan and the 20th Chairman of the Federal Board of Revenue.
Shahid Hafeez Kardar is a Pakistani economist and former provincial finance minister. He served as the 16th Governor of the State Bank of Pakistan from September 2010 to July 2011.
Vasim Aon Jafarey was a Pakistani civil servant who served as the ninth Governor of the State Bank of Pakistan.
Syed Shujaat Ali Hasnie (1905–1968) was a Pakistani civil servant who served as the third Governor of the State Bank of Pakistan from 1960 to 1967.
Syed Osman Ali was a Pakistani civil servant who served as the Governor of the State Bank of Pakistan from 1975 to 1978.
Reza Baqir is a Pakistani economist who served as the 20th Governor of the State Bank of Pakistan,from 4 May 2019 to 4 May 2022.
Waqar Masood Khan is a retired Pakistani civil servant who is serving as an Advisor to Prime Minister Anwar ul Haq Kakar on Finance,in office since August 2023. He previously served as a Special Assistant to Prime Minister Imran Khan on Revenue and Finance in the capacity of a Minister of State in Cabinet,in office from October 2020 till August 2021. Before his retirement from civil services,Waqar served in BPS-22 grade as Pakistan's longest running Secretary of Finance.
Murtaza Syed is a Pakistani economist and policymaker who served as the acting governor of the State Bank of Pakistan in 2022.
References
- ↑ "Country paying the price for fleeting SBP governors".
- ↑ "State Bank of Pakistan". www.sbp.org.pk. Archived from the original on 2012-07-05. Retrieved 2017-08-09.
- 1 2 3 4 "MUHAMMAD YAQUB (23 July 1993 To 5 November 1999)".
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