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HISTORY Before Independence on 14th August 1947, the Bank Of India was the central bank for what is now Pakistan. On 30 December 1948 the British Government's commission distributed the Bank of India's reserves between Pakistan and India - 30 percent (750 M Gold ) for Pakistan and 70 percent for India. The losses incurred in the transition to independence were taken from Pakistan's share (a total of 230 M). In May 1948 Quaid-e-Azam Muhammad Ali Jinnah (the founder and first Governor-General of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948 , and the SBP commenced operation on 1st July 1948. The poor condition of the State Bank's reserves led the Nawab of Bahawalpur and the Khan of Kalat to each make a substantial donation to the SBP. GOVERNOR The principal officer of the SBP is the '' Governor ''. In December 2005 , the President Of Pakistan appointed Dr Shamshad Akhtar as the new Governor of the State Bank for a three year term, to replace Dr Ishrat Hussain , who retired on 1st December 2005. SBP CENTRAL BOARD OF DIRECTORS # Dr. Shamshad Akhtar Chairperson # The Secretary Finance Member # Mr. Khair Mohamed Junejo Member # Mr. Abdul Razak Dawood Member # Mr. M. Yaqoob Vardag Member # Mr. Mohsin Aziz Member # Dr. Wasim Azhar Member # Mr. Kamran Y. Mirza Member # Mr. Alman A. Aslam Member # Mr. Riaz Ahmed Secretary SEE ALSO EXTERNAL LINKS
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