The federal government has appointed Muhammad Ali Malik as Deputy Governor of the State Bank of Pakistan (SBP).
Malik will serve a five-year term, effective immediately, according to an official notification issued Monday.
The Finance Division issued the notification under Section 11A(2) of the State Bank of Pakistan Act, 1956. The appointment follows amendments made to the law in 2022.
According to the notification, Malik will hold the position for five years from the date of his appointment.
The appointment places Malik among the senior officials responsible for supporting the central bank’s operations and functions.
Malik To Serve Five-Year Term
The government confirmed that Malik’s appointment will take effect immediately. His tenure will continue for five years under the applicable provisions of the State Bank Act.
The Finance Division issued the notification after exercising powers granted under the amended legislation. The document formally establishes Malik’s new role within the central bank.
The State Bank of Pakistan plays a key role in monetary policy and financial stability. Its senior leadership also oversees important areas of banking and economic management.
Appointment Comes Under Amended SBP Law
The government made the appointment under Section 11A(2) of the State Bank of Pakistan Act. Parliament amended the relevant legislation in 2022.
The notification specifies both the position and duration of Malik’s appointment. It also confirms that his five-year tenure begins from the appointment date.
Meanwhile, Malik will assume his responsibilities as Deputy Governor with immediate effect. Further details about his portfolio and specific responsibilities were not provided in the notification.
The appointment adds a new senior official to the SBP leadership. Malik’s tenure will run for five years unless changed under applicable legal provisions.
