Islamabad, Aug 19 (PTI) Pakistan on Friday appointed veteran banker Jameel Ahmad as the new governor of the State Bank of Pakistan (SBP) as the cash-strapped country grapples with economic challenges, including depleting foreign reserves.

Ahmad, who has an experience of 31 years in the banking sector, has been appointed for a period of five years, according to a statement issued by the Finance Ministry.

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He was serving as the Deputy Governor of the SBP prior to his appointment to the new post.

Ahmad also worked at the Saudi Arabian Monetary Agency (SAMA).

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The appointment of Ahmad to the top post of the country's apex bank came as the nation continues to witness serious economic challenges, including depleting foreign reserves.

Also, the political instability in the country, delay in the IMF's loan disbursement, and rupee devaluation have had a hard-hitting impact on the economy of the cash-strapped country which has sought financial assistance on an emergency basis from the global lender.

The top job was vacant when the former SBP chief Dr Reza Baqir retired on May 4 on the expiry of his three-year term.

Finance Minister Miftah Ismail congratulated Ahmad on his elevation as the new governor of the apex bank.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)