Economy

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The economy of Pakistan is the 47th largest in the world in nominal terms and 27th largest in the world in terms of purchasing power parity (PPP). Pakistan has a semi-industrialized economy,[12][13][14] which mainly encompasses textiles, chemicals,food processing, agriculture and other industries. Growth poles of Pakistan's economy are situated along the Indus River;[14][15] diversified economies of Karachiand Punjab's urban centers coexist with lesser developed areas in other parts of the country.[14] The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, ongoing confrontation with neighboring India. However, IMF-approved government policies[citation needed], bolstered by foreign investment and renewed access to global markets, have generated solid macroeconomic recovery the last decade. Substantial macroeconomic reforms since 2000, most notably at privatizing the banking sector have helped the economy. GDP growth, spurred by gains in the industrial and service sectors, remained in the 6±8% range in 2004±06 due to economic reforms in the year 2000 by the Musharrafgovernment.[16] In 2005, the World Bank named Pakistan the top reformer in its region and in the top 10 reformers globally.[17] Islamabad has steadily raised development spending in recent years, including a 52% real increase in the budget allocation for development in FY07, a necessary step toward reversing the broad underdevelopment of its social sector. The fiscal deficit ± the result of chronically low tax collection and increased spending, including reconstruction costs from the devastating Kashmir earthquake in 2005 was manageable. Inflation remains the biggest threat to the economy, jumping to more than 9% in 2005 before easing to 7.9% in 2006. In 2008, following the surge in global petrol prices inflation in Pakistan reached as high as 25.0%. The central bank is pursuing tighter monetary policy while trying to preserve growth. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit ± driven by a widening trade gap as import growth outstrips export expansion ± could draw down reserves and dampen GDP growth in the medium term. Economy - overview Pakistan, an impoverished and underdeveloped country, has suffered from decades of internal political disputes and low levels of foreign investment. Between 2001-07, however, poverty levels decreased by 10%, as Islamabad steadily raised development spending. During 2004-07, GDP growth in the 5-8% range was spurred by gains in the industrial and service sectors despite severe electricity shortfalls - but growth slowed in 2008-09 and unemployment rose. Inflation remains the top concern among the public, climbing from 7.7% in 2007 to more than 13% in 2010. In addition, the Pakistani rupee has depreciated since 2007 as a result of political and economic instability. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis, but during 2009-10 its current account strengthened and foreign exchange reserves stabilized - largely because of lower oil prices and record remittances from workers abroad. Record floods in July-August 2010

lowered agricultural output and contributed to a jump in inflation, and reconstruction costs will strain the limited resources of the government. Textiles account for most of Pakistan's export earnings, but Pakistan's failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Other long term challenges include expanding investment in education, healthcare, and electricity production, and reducing dependence on foreign donors. GDP (purchasing power parity) $464.9 billion (2010 est.) $443.6 billion (2009 est.) $429.2 billion (2008 est.) note: data are in 2010 US dollars GDP (official exchange rate) $174.9 billion (2010 est.) GDP - real growth rate 4.8% (2010 est.) 3.4% (2009 est.) 1.6% (2008 est.) GDP - per capita (PPP) $2,500 (2010 est.) $2,400 (2009 est.) $2,400 (2008 est.) note: data are in 2010 US dollars GDP - composition by sector agriculture: 21.2% industry: 25.4% services: 53.4% (2010 est.) Population below poverty line 24% (FY05/06 est.) Labor force 55.77 million note: extensive export of labor, mostly to the Middle East, and use of child labor (2010 est.)

Labor force - by occupation agriculture: 43% industry: 20.3% services: 36.6% (2005 est.) Unemployment rate 15.4% (2010 est.) 14.4% (2009 est.) note: substantial underemployment exists Unemployment, youth ages 15-24 total: 7.7% male: 7% female: 10.5% (2008) Household income or consumption by percentage share lowest 10%: 3.9% highest 10%: 26.5% (2005) Distribution of family income - Gini index 30.6 (FY07/08) 41 (FY98/99) Investment (gross fixed) 13.8% of GDP (2010 est.) Budget revenues: $24.75 billion expenditures: $35.67 billion (2010 est.) Taxes and other revenues 14.2% of GDP (2010 est.) Budget surplus (+) or deficit (-) -6.2% of GDP (2010 est.) Public debt

50.6% of GDP (2010 est.) 50.2% of GDP (2009 est.) Inflation rate (consumer prices) 13.9% (2010 est.) 13.6% (2009 est.) Central bank discount rate 0.07% (31 December 2010 est.) 12.5% (31 December 2009 est.) Commercial bank prime lending rate 13.462% (31 December 2010 est.) 14.189% (31 December 2009 est.) Stock of narrow money $53.08 billion (31 December 2010 est.) $45.8 billion (31 December 2009 est.) Stock of money $NA (31 December 2008) $52.76 billion (31 December 2007) Stock of broad money $85.22 billion (31 December 2010 est.) $65.13 billion (31 December 2009 est.) Stock of quasi money $NA (31 December 2008) $18.42 billion (31 December 2007) Stock of domestic credit $61.39 billion (31 December 2010 est.) $56.11 billion (31 December 2009 est.) Market value of publicly traded shares

$38.17 billion (31 December 2010) $33.24 billion (31 December 2009) $23.49 billion (31 December 2008) Agriculture - products cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef, mutton, eggs Industries textiles and apparel, food processing, pharmaceuticals, construction materials, paper products, fertilizer, shrimp Industrial production growth rate 4.6% (2010 est.) Electricity - production 89.23 billion kWh (2009 est.) Electricity - production by source fossil fuel: 68.8% hydro: 28.2% nuclear: 3% other: 0% (2001) Electricity - consumption 68.55 billion kWh (2008 est.) Electricity - exports 0 kWh (2009 est.) Electricity - imports 0 kWh (2009 est.) Oil - production 63,580 bbl/day (2010 est.) Oil - consumption 410,000 bbl/day (2010 est.)

Oil - exports 29,840 bbl/day (2009 est.) Oil - imports 346,400 bbl/day (2009 est.) Oil - proved reserves 313 million bbl (1 January 2011 est.) Natural gas - production 38.41 billion cu m (2009 est.) Natural gas - consumption 38.41 billion cu m (2009 est.) Natural gas - exports 0 cu m (2009 est.) Natural gas - imports 0 cu m (2009 est.) Natural gas - proved reserves 840.2 billion cu m (1 January 2011 est.) Current Account Balance -$1.585 billion (2010 est.) -$3.993 billion (2009 est.) Exports $21.46 billion (2010 est.) $18.35 billion (2009 est.) Exports - commodities textiles (garments, bed linen, cotton cloth, yarn), rice, leather goods, sports goods, chemicals, manufactures, carpets and rugs Exports - partners

US 15.8%, Afghanistan 8.1%, UAE 7.9%, China 7.3%, UK 4.3%, Germany 4.2% (2010) Imports $32.88 billion (2010 est.) $28.62 billion (2009 est.) Imports - commodities petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel, tea Imports - partners China 17.9%, Saudi Arabia 10.7%, UAE 10.6%, Kuwait 5.5%, US 4.9%, Malaysia 4.8% (2010) Reserves of foreign exchange and gold $17.21 billion (31 December 2010 est.) $13.77 billion (31 December 2009 est.) Debt - external $56.12 billion (31 December 2010 est.) $53.6 billion (31 December 2009 est.) Stock of direct foreign investment - at home $30.06 billion (31 December 2010 est.) $28.04 billion (31 December 2009 est.) Stock of direct foreign investment - abroad $1.148 billion (31 December 2010 est.) $1.102 billion (31 December 2009 est.) Exchange rates Pakistani rupees (PKR) per US dollar 85.27 (2010) 81.71 (2009) 70.64 (2008) 60.6295 (2007) 60.35 (2006)

BoardofDirectors
His Highness Shaikh Nahayan Mabarak Al Nahayan
Chairman

Sir Mohammed Anwar Pervez, OBE, HPK
Deputy Chairman

Mr. Atif R. Bokhari
President & CEO

Mr. Omar Ziad Jaafar Al Askari
Director

Mr. Zameer Mohammed Choudrey
Director

Mr. Seerat Asghar
Director

Mr. Muhammad Sami Saeed
Director

Mr. Amin Uddin
Director

Mr. Arshad Ahmad Mir
Director

Mr. Aqeel Ahmed Nasir
SEVP/Company Secretary & Chief Legal Counsel

Mr. Rayomond Kotwal
Chief Financial Officer

OtherRetailProducts
UBL has taken progressive steps towards introducing innovative products and services to provide its customers as varied a range as there are financial needs. The UBL product portfolio is diverse and caters to the financial requirements of customers at all stages of the spectrum. Whether catering to the Insurance requirements of a concerned parent through UBL BetterLife Bancassurance products or a fulfilling the payroll requirements of a small business owner via UBL Pay Partner - our charge remains the same ± customer requirements are paramount. There are available, multitude product options for the discerning customer and every possible financial need is catered to through efficient and pleasant service. Furthermore our vision and mission advocate we continually strive to ensure that new products and services are introduced continuously to provide for all financial needs of all customers ± present and future.

RetailAssetProducts
UBL offers a diverse mix of agriculture based financial products. Financing is available for all seasonal crops across Pakistan. UBL Agriculture Finance aims to facilitate farmers via production and development loans-with flexible tenors and large amounts. There are also available Non-Farm loans for livestock and fisheries financing. With an extensive branch network across Pakistan and specially dedicated branches ± UBL Agriculture Finance is within easy reach. UBL also provides loans under the Small Business Scheme to individuals who wish to set up their own small business. These loans are on easy terms and aim at spreading prosperity throughout Pakistan by reducing unemployment.

President'sMessage
AtifR.Bokhari
President & CEO
At UBL, your best interest is our foremost priority. We endeavor to offer you, our customer, the very best products and services. Whether you come into one of our branches, bank online, or need to call us for any service, you can be confident that we are there for you and working hard to provide consistently excellent service at each touch point. We serve the people of Pakistan, wherever they are, with pride and integrity. With our strong footprint of over 1100 branches, and several locations worldwide, UBL has been in the forefront - be it your first car, your dream home or sending speedy money transfers from abroad to your loved ones at home - you will find UBL there to assist. We finance new businesses and assist existing businesses to expand. We have also embarked upon greater financial inclusion of the unbanked with UBL Omni. We work with our customers to turn their dreams into reality. It has been an eventful and interesting journey since our bank¶s inception in 1959. We believe that we have stood the test of time because not only have we been partners with you in happy times we have also been lucky to be able to extend a helping hand to our nation in times of need. Being a good corporate citizen and a friend to the community is just as important to us as being your bank of choice. We are proud to invest in our community's growth and prosperity and we are thankful that our employees are as committed as we are.

Our journey continues, UBL's financial strength and profitability provide the necessary foundation for us to continue to support your needs and financial health as well as of the communities around us. We will continue to grow and strive to serve you better. We'll meet this challenge by insuring that our employees are well trained to deliver state-of-the-art products and superior service to you, because at UBL, You come first!

UBLHistory
It begun with a vision, a vision of unparallel progress and unmatched excellence true to the spirit of the era! November 7th 1959, Pakistan witnessed an event that would change the way we banked forever. It was not just the inauguration of UBL¶s first branch at I.I. Chundrigar; it was also the birth of the culture of service, a culture of innovation and a culture of financial excellence! By June 1960, shortly after six months of opening its doors to the public, UBL had branches in: Karachi Dacca Lahore Lyallpur Chittagong and Narayanganj

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In 1963, UBL became the first bank in Pakistan to have a branch overseas- on William Street in London, United Kingdom. True to our promise of providing service and care beyond the ordinary to our customers, UBL and You have had a history. The first saving scheme for school going children was launched as early as 1960 or the formation of Pakistan¶s first Staff College of employees in 1964, UBL, through the motivation of its staff and the trust of its customers, continued to grow at a spectacular pace. In 1967, UBL had hit the dawn on information in terms of technology, by introducing computer banking to Pakistan and in 1971, UBL once again paved the way by launching 3 online branches in Karachi. The newly formed state of Pakistan was witnessing the boom of industries and commerce ± cannoned by a bank that believed in the potential growth of Pakistan. Small wonder then, by 1978, UBL had a pledged economic department, had acquired two international banks. UBL also launched supervised credit and small loan schemes for small to medium sized firms as well as agriculture and had made for itself, a strong international presence for we had branches in 4 continents. Throughout its history, UBL has kept pace with- and often exceeded the changing needs of changing times. Keeping the tradition of innovation alive, UBL introduced Pakistan¶s first credit card, the UNICARD in 70¶s and left its mark by launching the Pak Rupees traveler cheques in 1971. Staying true to its roots, UBL was also the first bank to have an Islamic banking division and the first to introduce e-banking facilities at Hajj. In the 1990¶s the government of Pakistan decided to change the face of banking by creating a blueprint to privatize UBL. At this point, financial experts were called on board to set the bank back on course, and with implementation of relevant changes, the government privatized the bank in the year 2002 ± Best way and Al Ayaan collaborated, forming the cornerstone for the UBL of tomorrow. Today, UBL opens its eyes to a new vision every day, a vision of resurgent excellence and renewed commitment to our customers. 52 years into our glorious history ± UBL is now part of one of the world¶s largest financial services groups.

Vision,Mission&CoreValues
Vision
To be a world class bank dedicated to excellence, and to surpass the highest expectations of our customers and all other stakeholders

Mission
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Set the highest industry standard for quality, across all areas of operation, on a sustained basis Optimize people, processes and technology to deliver the best possible financial solution to our customers Become the most sought after investment, and Be recognized as the employer of choice

Core Values
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Honesty and integrity Commitment and dedication Fairness and meritocracy Teamwork and collaborative spirit Humility and mutual respect Caring and socially responsible

AboutUBL
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2010 UBL and Avari Launch a Co-Branded Loyalty Card. United Bank Financial Services (Private) Limited. United Executors and trustees Company Limited.

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2010 UBL formally announces the launch of its unique and unmatched branchless banking service, under the brand name of UBL Omni.

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2010 UBL Launches Pakistan's First Premium Debit Card in Collaboration with MasterCard.

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2009 UBL celebrates its Golden Jubilee on November 7, 2009 with the launch of an exclusive, world-class Signature UBL Priority Banking service, designed to cater to high-end, high-net-worth customers across Pakistan.

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2009 UBL-UAE remitted USD 220 million to Pakistan. UBL shows devotion towards sports by inaugurating UBL Sports complex.

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2008 UBL inaugurates its representative office in the Peoples Republic of China, on 20th of March 2008.

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2008

The UAE nationals accounts for the highest workforce ratio of 42% at UBL-UAE.

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2008 USD 184 million was remitted through UBL-UAE to Pakistan.

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2008 UBL inaugurates another operational branch in Aden Yemen.

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2008 UBL Bahrain holds 43% market share of remittances in the country with USD 23 million remittances.

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2008 UBL started its Customer Service Booths in Al-Khor and at the City Center Shopping Mall, along with 7 ATM's at various prime locations throughout Qatar.

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2008 UBL opens its second operating branch in Doha.

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2008 The main branch moved to Main Bank Street, opposite the Ministry of Finance and Qatar Central Bank.

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2008 In Qatar UBL Tezraftaar transactions approached to 100,000.

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2007 UBL received the Brand Leadership Award for Brand Excellence, presented at the 16th Asian Brand Congress.

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2007 UBL launched Heritage Campaign blitz, a very successful and well-received initiative as a strategic marketing and advertising effort to connect UBL-Middle East legacy of 40 years of customers' satisfaction to its repositioned image and diversified deliverables across various banking portfolios.

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2007 UBL relocates Bab Al Bahrain branch to Seef, the new upcoming business hub.

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2007 UBL declares the profit before tax of PKR 13.8 billion.

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2006 UBL opens its representative office in Kazakhstan, on 21st of September 2006.

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2006 UBL introduces UBL Ameen, an Islamic banking product.

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2006 UBL is awarded with an Islamic Banking Branch license by the State Bank of Pakistan.

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2002 H. H. Sheikh Nahayan Mabarak Al Nahayan is appointed as the chairman of the board of directors of UBL.

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2002

UBL merged its operations in the UK with those belonging to National Bank of Pakistan to form United National Bank Limited.

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2002 UBL launched its prime product Tezraftaar in Qatar and achieved 28000 transactions in the first year.

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2002 Government of Pakistan privatized UBL, this brought the Abu Dhabi Group chaired by H. H. Sheikh Nahayan bin Mubarak Al Nahayan and the Bestways Group headed by Sir Anwar Pervaiz at the helm, following which the bank embarked on a major re-profiling and re-positioning strategy.

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2000 UBL launched Tezraftaar home remittance in Bahrain.

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1995 UBL opens its representative office in Iran.

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1990 Government of Pakistan decided to change the face of banking by creating a blueprint to privatize UBL.

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1989 UBL took over operations of HBL, which led to the addition of the Hodeidah branch in Yemen.

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1983 UBL starts its OBU- Branch in the Export Processing Zone, Karachi, on 6th of November 1983.

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1983 UBL opens its Associate Company in Oman in collaboration with Oman United Exchange Co. L.L.C (OUECL).

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1982 UBL introduces e-banking facilities at Hajj.

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1978 UBL launched supervised credit and small loan schemes for small to medium sized firms as well as agriculture.

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1978 UBL pledged economic department and acquired two international banks (banks?)

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1977 UBL opens for business in the New York City, in March 1977.

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1974 The Government of Pakistan nationalized UBL.

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1973 UBL opens its third branch at Muharraq ( Bahrain ).

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1972 UBL starts its operations in Yemen through a branch in Sanaa.

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1971

UBL introduces Pak Rupee Traveler Cheque.

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1971 UBL launches 3 online branches in Karachi.

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1970 UBL starts operations in Qatar with the opening of the branch in Musherib Doha.

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1970 UBL opens another branch at busy commercial hub Bab Al Bahrain, inaugurated by H.E Abdul Karim, Finance minister at that time.

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1970 UBL launched UNICARD Pakistan's first credit card.

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1969 UBL opens for business in Kingdom of Bahrain with its branch in Manama.

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1967 United Bank A.G. Zurich, Switzerland a fully owned subsidiary was set up on 8th of December 1967.

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1967 UBL opens its branch in Abu Dhabi

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1967 UBL introduced computer banking to Pakistan

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1964 UBL put the foundation of Pakistan's first Staff College Of Employees.

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1963 UBL became the first Pakistani bank to have an overseas branch on William Street in London.

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1960 Launched a saving scheme for for school going children.

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1960 Extended its branches in Dacca, Lahore, Lyallpur, Chittagong and Narayanganj.

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1959 Agha Hasan Abedi founded UBL and inaugurates its first branch at I. I. Chundigarh at Karachi

Mr. Yaseen Anwar
Governor, State Bank of Pakistan

The President of Pakistan has appointed Mr. Yaseen Anwar as Governor, State Bank of Pakistan for a period of three years with effect from the date he assumes the office, says a notification issued by the Government of Pakistan, Finance Division (Internal Finance Wing), Islamabad on October 19, 2011. He assumed the charge of the office of Governor, State Bank of Pakistan on October 20, 2011. Mr. Anwar is the 17th Governor of SBP since its inception in 1948. Prior to his appointment as SBP Governor, Mr. Yaseen Anwar was appointed Acting Governor of the State Bank of Pakistan on July 18, 2011. In this capacity, he also served SBP from June 3, 2010 until September 8, 2010. Mr. Anwar has served the State Bank as its Deputy Governor since 29th March 2007, and managed all the four clusters of the Central Bank i.e. Banking, Reserve Management, Monetary Policy, and Operations; SBP subsidiaries - Banking Services Corporation (BSC) and the National Institute of Banking & Finance (NIBAF). Mr. Anwar has served on the Boards of SBP, Pakistan Security Printing Corp. (PSPC), Policy Board of SECP, Board of NIBAF and SAARC Payments Council Board. He is a member of Monetary Policy Committee (MPC) of SBP Central Board and has interacted with the IMF under the Standby Arrangement with Pakistan. He has also served as an alternate to the Governor on the Asian Clearing Union (ACU) Board. As a senior global banker, Mr. Anwar brought 33 years of international banking experience to SBP. During this period, he worked at major international financial centers that included New York, London and Paris with JPMorgan Chase, Bank of America and Merrill Lynch. As a result of this international exposure, he developed a deep understanding of corporate business relationships in the U.S., Europe and the Middle East as well as a broad range of hands-on experience in managing rapidly growing business units of renowned global financial institutions with detailed knowledge and oversight of the Regulatory Environment, Capital Markets, Operations, Payments, Export Finance, Investment Management and Credit related matters. As a Non-Executive Director on the Board of United National Bank Ltd. (U.K.) for six years (20002006), he developed strong expertise in the U.K. financial services regulatory framework on corporate governance as well as senior level ties with the U.K. Financial Services Authority and the Federal Reserve Bank of New York. Prior to a stint at Riggs & Co., London as Director Investments, Mr. Anwar was a Vice President at Merrill Lynch & Co. for nine years in New York/London from 1992 to 2001 where he honed his skills in Capital Markets and Alternative Investments. Before Merrill Lynch, he spent 15 years at Bank of America from 1976 to 1991 in various responsible capacities that included Vice President & Section Head for its Global Export Finance Group and the Middle East in New York. As head of Bank of America¶s Export Finance Group, he was the key relationship manager for

the World Bank, Asian Development Bank, Export Import Bank, USAID and USDA. He was trained at JPMorgan Chase, New York during 1973-1975 after completing his Bachelor of Science degree in Economics from the Wharton School of Business at the University of Pennsylvania where he received a dual degree of BA in Political Science as well. His early education included attending Aitcheson College (Lahore), Grammar School (Karachi) and Karachi American School. Mr. Anwar was the founder of the Pakistan Bankers Association, U.K. and remained its President from 1997 to 1999. He was also a member of the Arab Bankers Association, U.K. In New York, he had served as an Executive Director on the American Turkish Society, Director on the US-Pakistan Economic Council, Director on the American Middle East Business Association and Member of the Council on Foreign Relations.

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Deputy Governor Past Governors (Click here to get information about Past Governors of State Bank of Pakistan)

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