Akhtar to Step Down as Pakistan Central Bank Chief
Shamshad Akhtar, the first woman to be appointed governor of Pakistan's central bank, will step down on Jan. 1 when her three-year term ends, a spokesman said.
The government hasn't notified the central bank about who will be appointed next governor, Syed Wasimuddin said by telephone from Karachi today. Salim Raza, chairman of the Pakistan Business Council, may replace Akhtar, Dawn News television reported today, citing unidentified officials.
Akhtar, 54, on Nov. 12 raised the central bank's key interest rate by 2 percentage points to 15 percent as part of conditions to obtain a loan from the International Monetary Fund. Pakistan was forced to turn to the IMF for a rescue after its reserves shrunk 75 percent in a year to $3.45 billion. The rupee has declined 28 percent this year cash advance.
The November interest-rate increase was “the toughest decision of my life,'' Akhtar said.
The economy may expand as little as 3 percent this fiscal year in response to a tightening of economic policies and slowing growth among Pakistan's trading partners, the IMF said last month. That would be the slowest pace since 2000, when the economy grew 2 percent.
Before working at the central bank, Akhtar was director general of the Southeast Asia department at the Asian Development Bank. She joined the multilateral lender in 1990 and previously had been a World Bank economist in Islamabad.
Filed under: technology by Pascal