Downfall of a dynasty

Downfall of a dynasty

The last days of Ricardo Salgado and Banco Espírito Santo

Swimming not drowning

Swimming not drowning

Bond market has ability to adapt

Pakistan: Analysts alarmed as central bank chief resigns

Under pressure on interest rate policy; A critic of growing government debt


 

Shahid Hafiz Kardar was governor of the State Bank of Pakistan for just 283 days before he quit on July 18



Yaseen Anwar has been appointed acting governor of the State Bank of Pakistan after the country lost its second central bank chief in just 15 months.

Anwar, once a senior private banker at ­defunct Washington-based Riggs Bank, is widely seen as a makeshift appointment while Islamabad casts around for a serious, long-term appointee.

Shahid Hafiz Kardar, a respected chartered accountant with a masters degree in economics from the University of Oxford, was governor for just 283 days before he quit on July 18. Yet he was a relatively long-term incumbent compared with his fleetingly employed predecessor, Syed Salim Raza, who lasted just 153 days before jumping ship.

Kardar’s abrupt departure is a minor mystery. He appeared to blame the government and a worsening economic climate for his...


You must be a trialist or subscriber to view this content

Please Subscribe or take a Free Trial below.


Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.