Yaseen Anwar (born March 31, 1951) is a
Pakistani-American
Pakistani Americans ( ur, ) are Americans who originate from Pakistan. The term may also refer to people who also hold a dual Pakistani and U.S. citizenship. Educational attainment level and household income are much higher in the Pakistani-Am ...
banker who had been the
Governor of the State Bank of Pakistan
Here is a list of the governors of the State Bank of Pakistan.
List of governors
See also
* State Bank of Pakistan
* Planning Commission (Pakistan)
* Economy of Pakistan
References
Profile of Past Governors of State Bank of Pakistan
...
from 20 October 2011 to 31 January 2014. He previously also acted as deputy governor and has 33 years of experience in international banking. Anwar holds a dual Pakistan and US citizenship. He is a graduate of the
Wharton Business School
The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a private Ivy League research university in P ...
at the
University of Pennsylvania
The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ...
.
Before that Yaseen Anwar acted as Deputy Governor from 2007 to 2011. During this tenure as Deputy Governor, he served as Acting Governor for 3 months each in 2010 and 2011 prior to being confirmed as Governor. After the State Bank, he served as Senior Advisor to the
Industrial & Commercial Bank of China
Industrial and Commercial Bank of China Limited (ICBC; ) is a Chinese multinational bank.
Founded as a limited company on 1 January 1984, ICBC is a state-owned commercial bank. With capital provided by the Ministry of Finance of China, the b ...
out of Singapore and Pakistan from 2014 to 2020. In 2020 he was the founding Chairman of Yaseen Anwar & Associates, a management consultancy based in
Karachi
Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former cap ...
,
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
. He is also Senior Advisor in Pakistan to the
International Finance Corporation
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of t ...
for Sustainable Banking, a member of the
World Bank Group
The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Grou ...
. Prior to his joining the State Bank of Pakistan, he had a long international banking career in
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
,
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
,
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, and
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...
with
JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...
,
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
, and
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...
.
Early life and education
Yaseen Anwar was born in Karachi, Pakistan, the son of Ismat and
Commodore Sheikh M. Anwar, a decorated Pakistan Naval War hero. At the age of seven, his father was posted in
Newport, Rhode Island
Newport is an American seaside city on Aquidneck Island in Newport County, Rhode Island. It is located in Narragansett Bay, approximately southeast of Providence, Rhode Island, Providence, south of Fall River, Massachusetts, south of Boston, ...
to attend the Naval War College and thereafter as the
Naval Attache
A navy, naval force, or maritime force is the branch of a nation's armed forces principally designated for naval warfare, naval and amphibious warfare; namely, lake-borne, riverine, littoral zone, littoral, or ocean-borne combat operations and ...
in
Washington D.C. until December 1964 where Yaseen attended the Rose Lee Hardy elementary School and was elected President of the Student Council. Yaseen then attended Ascension Academy in
Alexandria, Virginia
Alexandria is an independent city (United States), independent city in the northern region of the Commonwealth (U.S. state), Commonwealth of Virginia, United States. It lies on the western bank of the Potomac River approximately south of Downto ...
until the ninth grade before moving back to Karachi when he joined the
Karachi American School
The Karachi American School (KAS) ( ur, ), formerly known as Karachi American Society School, is a preschool to Grade 13 day school located in Karachi, Sindh, Pakistan.
History
The school was founded in 1952 as Karachi American Society School ...
His father, as the Naval Attache, was decorated with the
Legion of Merit
The Legion of Merit (LOM) is a military award of the United States Armed Forces that is given for exceptionally meritorious conduct in the performance of outstanding services and achievements. The decoration is issued to members of the eight ...
by the
President of the United States
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United Stat ...
for forging strong ties between the two countries.
At the Karachi American School, Yaseen was elected President of the Student Council, Captain of the Varsity Basketball team, and was the Editor of the school newspaper. After graduation, he attended the
Wharton School
The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a private Ivy League research university in P ...
at the
University of Pennsylvania
The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ...
where he graduated with a BSc degree in economics and a B.A. in political science in 1972. During his undergraduate years, he was a Varsity Letterman on the University Squash team. He is often invited to speak at the Wharton School's Global Economic Forums on Central Banking, most recently in
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
March 10, 2023 and has also been spotlighted in the Wharton School's Magazine.
Career
In 1973, Yaseen joined the Credit training program at the
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fina ...
in
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
where he spent 2 ½ years that included the International Department before joining the
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
in
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
in January 1976. In the Paris regional office, he worked with senior officers by honing his skills in Syndications & Private Placements. He then moved in 1977 to
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
to join the
Middle East
The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...
Regional office where he looked after Corporate & Institutional relationships in
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
and the
Gulf region
The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a mediterranean sea in Western Asia. The body ...
. In 1979, he was transferred to Bank of America Cairo as Assistant Manager and a senior lending officer for local and multinational businesses. In 1982 he moved to Bank of America New York where he managed the Middle East Financial institutions and concurrently the Global Export Finance Group that included relationship management of
US EXIM Bank,
USDA
The United States Department of Agriculture (USDA) is the federal executive department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food. It aims to meet the needs of com ...
,
OPIC
The Overseas Private Investment Corporation (OPIC) was the United States Government's Development finance institution until it merged with the Development Credit Authority (DCA) of the United States Agency for International Development (USAI ...
,
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
,
Asian Development Bank
The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field office ...
,
EBRD
The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially foc ...
, and others.
In 1992, Yaseen joined the original Merrill Lynch (pre-Bank of America merger) in New York and switched to focus on Wealth Management, Asset Management, Alternative Investments, and Capital Markets. He spent almost 10 years at Merrill, being transferred to the London office in 1996. After leaving Merrill in London, he spent some time with Kraken, a boutique UK investment firm, where he structured M&A transactions in the Power Sector before joining the
State Bank of Pakistan
The State Bank of Pakistan (SBP) ( ur, ) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was Nationalized and ...
.
State Bank of Pakistan (SBP)
Joining SBP in 2007, during his initial 4 years as Deputy Governor, he was tasked to upgrade the country's Payment System by establishing
Real Time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a payme ...
(RTGS) that he successfully implemented in 2008. This led to a monumental change in the country's landscape towards instant Interbank Funds Transfers (IBFT), Mobile/Digital banking, internet banking, and other banking products that enabled 80% of the previously unbanked Adult population, immediate access to financial services and products. This access to financial services has been a boon to the country's Financial Inclusion program that continues to grow today on the foundation of RTGS.
During 2010 and 2011, he served as Acting Governor State Bank twice for 3-month periods before he was confirmed as Governor in 2011. During his tenure, he negotiated and signed the country's first Currency Swap Agreements (CSA) with
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
and
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
and in 2012 became the 7th Central Bank to sign an Agency Agreement with the
Peoples Bank of China to invest in local Government Bonds. As Governor, he had oversight of over 40 banks, impacted Monetary Policy, and elevated the Branch-less Banking model/ strategy for Financial Inclusion, the success of which was recognized globally. Notwithstanding the
Global Financial Crisis
Global means of or referring to a globe and may also refer to:
Entertainment
* ''Global'' (Paul van Dyk album), 2003
* ''Global'' (Bunji Garlin album), 2007
* ''Global'' (Humanoid album), 1989
* ''Global'' (Todd Rundgren album), 2015
* Bruno ...
post 2008, not one bank failed in Pakistan during his tenure due to vigilant liquidity management and restructuring of marginally capitalized banks.
Pakistan in 2013 also witnessed serious balance of payments stress with a
Current Account deficit
In economics, a country's current account records the value of exports and imports of both goods and services and international transfers of capital. It is one of the two components of its balance of payments, the other being the capital accoun ...
of 2% that was managed meticulously by securing over $2.5 Billion from the CSA with China, the Peoples Bank of China and
Industrial & Commercial Bank of China
Industrial and Commercial Bank of China Limited (ICBC; ) is a Chinese multinational bank.
Founded as a limited company on 1 January 1984, ICBC is a state-owned commercial bank. With capital provided by the Ministry of Finance of China, the b ...
. This $2.5 Billion plugged up the Current Account gap thereby maintaining the PKR Currency stable throughout the year. In August 2013, he successfully negotiated and signed the $6.7 Billion
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
facility that elevated the country's Reserves, restored confidence in the economy with the Capital Markets, and elevated Pakistan's International ratings to a Positive outlook. In 2020, he was interviewed on the IMF Program as according to the IMF, the $6.7 Billion facility is the only one Pakistan has competed satisfactorily without suspension.
During his stint as Governor of the Central Bank, he was a member of the Board of Governors of the IMF, and served on the Financial Stability Board of Asia when it was first formed in 2012 under the Chairmanship of the BOE Governor.
In 2014 he left the State Bank and from 2014 – 2020, he was Senior Advisor to the Industrial & Commercial Bank of China in
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
and is currently the founding chairman of management consultants, ‘Yaseen Anwar & Associates’ in Pakistan. Concurrently, in December 2020, the World Bank/IFC appointed him Senior Banking Policy Advisor for Pakistan Sustainable Banking. In 2021, he was also appointed by China as chairman of the first overseas chapter of Green Investment Principles for
Central Asia
Central Asia, also known as Middle Asia, is a subregion, region of Asia that stretches from the Caspian Sea in the west to western China and Mongolia in the east, and from Afghanistan and Iran in the south to Russia in the north. It includes t ...
& Pakistan in support of the
Belt & Road Initiative. He also serves on the International Advisory Boards of the
Official Monetary and Financial Institutions Forum
The Official Monetary and Financial Institutions Forum (OMFIF) is an independent think tank organization concerned with central banking, economic policy, and public investment.
OMFIF was co-founded in 2010 by David Marsh, who has subsequently s ...
in the
UK., the International Monetary Institute of
Renmin University
The Renmin University of China (RUC; ) is a national key public research university in Beijing, China. The university is affiliated to the Ministry of Education, and co-funded by the Ministry and the Beijing Municipal People's Government.
RUC ...
,
Beijing
}
Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...
, and
Zhejiang University
Zhejiang University, abbreviated as ZJU or Zheda and formerly romanized as Chekiang University, is a national public research university based in Hangzhou, Zhejiang, China. It is a member of the prestigious C9 League and is selected into the na ...
International Business School (ZIBS) China. He is often invited to speak at various International Forums in Asia and the U.S.
Notable Appointments/Achievements
* Only
Central Bank Governor in the history of the State Bank of
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
to have successfully negotiated and signed Currency Swap Agreements with
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
and
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
.
* As Governor, negotiated and signed the $6.7 Billion
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
agreement with the IMF in August 2013, the only one completed satisfactorily (without suspension) in Pakistan's history according to the IMF.
* A Pioneer in the launching of the
Chinese Yuan
The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 202 ...
in 2013 as an International Reserve Currency in the SDR basket of the IMF, officially inducted by IMF in 2015/2016.
* As governor of the Central Bank, actively promoted and elevated the
branchless banking A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no b ...
model in Pakistan for inclusive banking targeting the 80% of the unbanked market. Recognized as one of three countries for its success by the Economic Intelligence Unit of the
Economist magazine.
* Recognized as a ‘Notable’ graduate to have become a Central Bank Governor in the history of the
Wharton School, University of Pennsylvania
The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a private Ivy League research university in P ...
.
* In March 2020, Spotlighted in an interview on the global economy by the Wharton School of Business magazine, University of Pennsylvania.
* Invited to speak in New York at the United Nations (
UNCTAD
The United Nations Conference on Trade and Development (UNCTAD) is an intergovernmental organization within the United Nations Secretariat that promotes the interests of developing countries in world trade. It was established in 1964 by the ...
) on Pakistan's Branchless banking model with numerous Heads of State. Also spoke at the World Affairs Council in
Pittsburgh
Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...
, U.S.A. in 2013.
* Internationally recognized former Central Bank Governor quoted by publications released by the
Bank of International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".
The BIS carries out its work thr ...
and leading Business Schools i.e. Wharton,
INSEAD
INSEAD, a contraction of "Institut Européen d'Administration des Affaires" () is a non-profit business school that maintains campuses in Europe ( Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San ...
.
* Advisory Boards of the International Monetary Institute of
Renmin University
The Renmin University of China (RUC; ) is a national key public research university in Beijing, China. The university is affiliated to the Ministry of Education, and co-funded by the Ministry and the Beijing Municipal People's Government.
RUC ...
, Beijing, the Official Monetary & Financial Institutions Forum U.K. and Zhejiang University International Business School China.
* Chairman, Green Investment Principles for Central Asia & Pakistan in support of the Belt Road Initiative.
* As Sr. Advisor to the IFC/World Bank, aided IFC in upgrading the State Bank of Pakistan and the banking system in launching of the ESRM manual in 2022 on Green Banking Guidelines.
References
{{DEFAULTSORT:Anwar, Yaseen
Pakistani emigrants to the United States
Governors of the State Bank of Pakistan
Living people
Wharton School of the University of Pennsylvania alumni
Businesspeople from Karachi
1951 births
American expatriates in Pakistan
People with acquired American citizenship
Karachi Grammar School alumni
Aitchison College alumni
Karachi American School alumni