ISLAMABAD: Ministry of Finance on Friday revealed that State Bank of Pakistan (SPB) Governor Dr Reza Baqir receives a monthly salary of Rs2.5 million and worked at the International Monetary Fund (IMF) for 18 years prior to his appointment.
The finance ministry disclosed the governor’s salary in response to a question moved by Pakistan Muslim League-Nawaz (PML-N) Senator Irfanul Haque Siddiqui during today’s question hour in the upper house.
According to the documents, Senator Siddiqui had asked about the criteria for appointing the current SBP chief as well as his monthly salary and privileges.
Later in the day, the Finance Division sent the documents directly to Senator Siddiqui as opposed to presenting them in front of the house, a move that was criticised by the senator. “It is not appropriate to only give the details to me and not the other members of the Senate,” he added.
The Finance Division, in the document, said that Baqir had been appointed under Section 10(3) of the SBP Act, 1956 which stated that the “governor shall be appointed by the president for a term of three years, and on such salary and terms and conditions of service as the president may determine”.
It also stated that the governor received a monthly salary of Rs2.5m and attached a list of other perks and perquisites. Apart from that, the governor is granted a “furnished and maintained State Bank House or house rent allowance with furnishing and maintenance by the bank (as approved by the SBP Board)”.
The governor is also entitled to “two fully maintained chauffeur driven cars with petrol ceiling of 600 litres that include a 1800cc local assembled car and a 1600cc local assembled car”.
Baqir is also facilitated with actual expenses of electricity, gas, water, and fuel for a standby generator. As for his children’s education, the governor’s children 75% of the total tuition fees is to be paid by the central bank.
Some other perks include free landline, mobile phones, internet access, and domestic help which include reimbursement of actual salary paid for up to four servants, at Rs 18,000 per head. Apart from that, the governor is provided with 24-hour security service as per the requirement with security guards and security system.
The written document also said that the governor is entitled to avail full medical facilities as per the SBP rules and three leaves per month with a leave encashment facility of up to six months on completion of the tenure.
The governor is also granted one month’s monetised salary for each completed year of service on the last drawn salary and provident fund. Some other benefits include travelling allowances, relocating expenses, retirement benefits, and club membership with monthly actual charges.
The senator had asked if the present governor is a former employee of the International Monetary Fund (IMF), to which the reply said that Dr Baqir worked at IMF for 18 years.
