Pakistan’s currency has been stable, even strong, for the past few years and inflation has come under control. But its balance of payments position is worsening, putting pressure on foreign exchange reserves. The man with the task of juggling all these variables, at least for now, is Riaz Riazuddin, acting governor of the State Bank of Pakistan (SBP), the country's central bank.
The SBP has become more independent over time. The board is drawn mainly from the private sector, though it includes a finance ministry official. In 2015, new legislation created a 10-member monetary policy committee (MPC), chaired by the governor, with three independent economists, three representatives of SBP management and three independent SBP directors.
