State Bank of Pakistan (SBP) 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, according to a document issued by the Finance Division on Friday.
The document was issued in response to questions moved by PML-N Senator Irfanul Haque Siddiqui during today’s question hour in the upper house.
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],” Senator Siddiqui said.
According to the documents, that are available with Dawn.com, Senator Siddiqui had asked about the criteria for appointing the current SBP chief as well as his monthly salary and privileges.
In response, the Finance Division 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, except that neither the salary of the governor nor his other terms and conditions of service shall be varied to his disadvantage after his appointment”.
It also stated that the governor received a monthly salary of Rs2.5m and attached a list of other perks and perquisites.
According to the list, the governor receives an annual increment that is 10 per cent of his monthly salary. For accommodation, the state bank governor receives either the “furnished and maintained” State Bank House or rent allowance with furnishing and maintenance as approved by the SBP board.
For transport, the governor gets two “fully maintained chauffeur driven cars” with a petrol ceiling of 600 litres each as follows; 1,800CC local assembled car with the option to buy on book value, 1,600CC local assembled car.
The utility expenses of the SBP governor, including electricity, gas, water and fuel for a standby generator, are provided by the state bank. In addition, 75 per cent of the education tuition for the governor’s children is also covered.
The governor also gets free landlines/mobile phones and internet access.
For domestic help, the governor is entitled to “reimbursement of actual salary paid for up to four servants of Rs18,000/head with periodic reviews of the subsidy by the HR committee as per requirement”.
The governor is also entitled to round the clock security “as per requirement”, including security guards and a security system, in addition to full medical facilities “as per SBP rules”.
Baqir also gets three leaves per month with “leave encashment facility of up to six months on the competition of the tenure” while the gratuity is “one month monetised salary for each completed year of service on last drawn salary”.
His travelling allowance is “as per SBP rules/approved by the SBP board” while post-retirement benefits are also listed as “as approved by the SBP board”.
Under relocation expenses, air tickets for the governor and his family are covered.
Senator Siddiqui had also asked whether the current SBP chief was a former employee of the IMF, and the length of time he was associated with the international lending agency.
The Finance Division wrote that prior to Baqir’s appointment as the state bank governor, he worked at the IMF for 18 years.