SBP Governor Shahid Kardar resigns

sbp governor shahid kardar resignsISLAMABAD: State Bank of Pakistan Governor Shahid Kardar has resigned, a finance ministry official and media reports said on Wednesday, making him the second governor to leave in just over a year and sending a negative signal on Pakistan’s economic outlook. It was unclear exactly when Shahid Kardar, the governor of the State Bank of Pakistan, resigned, but his departure is likely to further shake confidence in Pakistan’s commitment to fiscal reforms urged by the IMF and other international lenders.

Kardar is the third senior policy maker to quit in Pakistan in less than a year and a half, following previous central bank governor Salim Raza’s resignation in June 2010 and former finance minister Shaukat Tarin’s resignation in February last year.  “I can confirm that he has submitted his resignation,” a Finance Ministry official said on condition of anonymity. Central bank governors normally serve three-year terms. There was no reason given for his resignation. It was not clear whether Kardar’s resignation had been accepted by President Asif Ali Zardari. IMF and Pakistan officials, including the State Bank of Pakistan governor, are due to meet later this month, although no date has been announced. – Dailytimes