Finance Division shares details of SBP Governor’s salary and benefits after Senator’s investigation – Pakistan


Governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, receives a monthly salary of 2.5 million rupees and worked at the International Monetary Fund (IMF) for 18 years before his appointment, according to a document released Friday by the Finance Division.

The document was released in response to questions posed by Senator PML-N Irfanul Haque Siddiqui during today’s Question Time in the Upper House.

Later that day, the Finance Division sent the documents directly to Senator Siddiqui instead of presenting them in front of the house, a decision criticized by the senator.

“It is not appropriate to only give the details to me and not to the other members [of the Senate]“Senator Siddiqui said.

According to the documents, which are available with Dawn.comSenator Siddiqui had asked about the criteria for the appointment of the current head of the SBP as well as his monthly salary and privileges.

In response, the Finance Division said Baqir was appointed under Section 10(3) of the SBP Act of 1956, which stated that “the Governor is appointed by the President for a term of three years, and upon such salary and such terms and conditions of service as the President may determine, except that neither the Governor’s salary nor his other conditions of service shall be altered to his disadvantage after his appointment.”

He also said that the governor receives a monthly salary of 2.5 million rupees and attached a list of other benefits and perquisites.

According to the list, the governor receives an annual raise of 10% of his monthly salary. For lodging, the Governor of the State Bank receives either the “furnished and maintained” State Bank House or a rent allowance with furnishings and maintenance, as approved by the SBP Board of Directors.

For transportation, the governor gets two “fully serviced chauffeur-driven cars” with a gas cap of 600 liters each as follows; 1800cc locally assembled car with option to buy at book value, 1600cc locally assembled car.

Governor SBP’s utility expenses, including electricity, gas, water, and fuel for a backup generator, are provided by the state bank. In addition, 75% of the Governor’s children’s tuition is also covered.

The Governor also benefits from free fixed/mobile telephones and Internet access.

For domestic help, the Governor is entitled to “reimbursement of actual salary paid up to four servants of Rs 18,000/head with periodic reviews of the grant by the Human Resource Committee as required”.

The governor is also entitled to 24-hour security “as required,” including security guards and a security system, in addition to full medical facilities “in accordance with SBP rules.”

Baqir also benefits from three leaves per month with “easy collection of leave for up to six months during the term of office” while the gratuity is “one month of monetized salary for each year of service completed on the last salary drawn”.

His travel allowance is “as per SBP rules / approved by SBP board” while post-retirement benefits are also listed as “as approved by SBP board”.

As relocation expenses, airfare for the Governor and his family is covered.

Senator Siddiqui also asked if the current head of the SBP was a former IMF employee and how long he had been associated with the international lending agency.

The Finance Division wrote that prior to Baqir’s appointment as governor of the state bank, he worked at the IMF for 18 years.

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