The federal government has appointed Muhammad Ali Malik as Deputy Governor of the State Bank of Pakistan for a five-year term, effective immediately.
The Finance Division issued the appointment notification on Monday, August 10, under Section 11A(2) of the State Bank of Pakistan Act, 1956. The law underwent major amendments in 2022 as part of changes to the central bank’s governance framework.
According to the notification, Malik will remain in office for five years from the date of his appointment.
A senior SBP official moves into deputy governor role
Malik is not new to the central bank’s senior management. State Bank records show that he served as an Executive Director before his latest appointment.
Minutes from the Monetary Policy Committee meeting held in January 2025 list Muhammad Ali Malik as an Executive Director at SBP. Earlier central bank records also show that he worked as Director of Domestic Markets and Monetary Management in 2010.
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That background gives Malik experience in areas linked to monetary policy, financial markets and the central bank’s economic management role.
The appointment places him among the most senior officials at SBP. The central bank says its governor receives support from three deputy governors. Each deputy governor serves a five-year term and can receive one renewal.
SBP leadership and policy responsibilities
SBP’s leadership includes Governor Jameel Ahmad and Deputy Governors Saleem Ullah and Muhammad Amin Khan Lodhi.
Saleem Ullah became deputy governor in August 2023. The federal government appointed Lodhi in October 2025 for a five-year term. SBP says Lodhi oversees key economic and monetary policy formulation functions and economic publications.
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The central bank’s deputy governors also form part of its Executive Committee. The committee includes the governor, deputy governors, executive directors and other senior officials when required.
Under the SBP Act, the committee can formulate policies covering the bank’s core functions and internal management. Monetary policy decisions remain under the Monetary Policy Committee.
Appointment comes during key monetary policy period
Malik takes up the role as the State Bank manages inflation risks, external pressures and economic recovery.
On July 27, the Monetary Policy Committee kept the policy rate unchanged at 11.5 percent. The committee said Pakistan’s macroeconomic outlook had improved, but risks remained elevated because of regional and global uncertainty.
SBP data showed foreign exchange reserves of $17.043 billion as of July 31. Total liquid foreign exchange reserves, including commercial bank holdings, stood at $22.475 billion.
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The appointment gives Malik a five-year mandate as SBP continues to focus on price stability, financial stability and a more technology-driven financial system.
The State Bank says its main responsibilities include monetary policy, exchange rate policy, reserve management, banking supervision, payment systems and financial inclusion.
Malik’s elevation places him in a key decision-making position at Pakistan’s central bank as it navigates the next phase of monetary and financial policy.
