Yaseen Anwar

Yaseen Anwar
Born	(1951-03-31) March 31, 1951 Karachi, Dominion of Pakistan
Occupation(s)	Finance professional, former central bank governor
Years active	1973–present
Known for	Governor of the State Bank of Pakistan (2011–2014)

Yaseen Anwar (born March 31, 1951) is a Pakistani-American finance professional who held the position of Governor of the State Bank of Pakistan from October 20, 2011, until January 31, 2014. Prior to this role, he served as Deputy Governor between 2007 and 2011 and brings over three decades of global banking expertise. Anwar possesses dual citizenship in Pakistan and the United States and is an alumnus of the Wharton Business School.

While serving as Deputy Governor, he temporarily assumed the Governor’s responsibilities during intervals in 2010 and 2011 before his formal appointment. Following his tenure at the State Bank, he acted as Senior Advisor to the Industrial & Commercial Bank of China across Singapore and Pakistan from 2014 through 2020. In 2020, he launched Yaseen Anwar & Associates, a management consulting firm headquartered in Karachi, and currently advises the International Finance Corporation on Sustainable Banking initiatives. Earlier in his career, Anwar held senior positions within international banking institutions in New York City, Paris, London, and Egypt, including roles at JPMorgan Chase, Bank of America, and Merrill-Lynch.

Early life and education

Born in Karachi, Dominion of Pakistan, Yaseen Anwar is the son of Ismat and Commodore Sheikh M. Anwar, a distinguished war hero of the Pakistan Navy. At age seven, his father was assigned to Newport, Rhode Island to attend the Naval War College and subsequently served as Naval Attache in Washington D.C. until 1964. During this period, Yaseen attended Rose Lee Hardy Elementary School where he was elected Student Council President. He then enrolled at Ascension Academy in Alexandria, Virginia through ninth grade before returning to Karachi to complete his education at Karachi American School. His father was honored with the Legion of Merit by the U.S. President for enhancing bilateral relations.

At Karachi American School, Yaseen demonstrated leadership as Student Council President, captain of the varsity basketball team, and editor of the school newspaper. He earned a BSc in economics alongside a BA in political science from the Wharton School at the University of Pennsylvania in 1972. While at university, he also competed as a varsity squash player. Anwar is regularly invited to present at Wharton’s Global Economic Forums on Central Banking topics, including participation in the 2023 conference held in Singapore, and has been profiled by Wharton Magazine.

Career

Yaseen began his professional journey in 1973 by joining the Credit training program at Chase Manhattan Bank in New York City, where he spent two and a half years including assignments within the International Department. In 1976, he transitioned to Bank of America in Paris, gaining specialization in Syndications & Private Placements before relocating to London in 1977 to oversee Corporate & Institutional client relationships across Saudi Arabia and the broader Gulf region. By 1979, he advanced to Assistant Manager and senior lending officer at Bank of America’s Cairo branch. In 1982, he took charge of Middle East Financial Institutions along with the Global Export Finance Group based in New York, managing key partnerships with major development banks and export credit agencies.

In 1992, Anwar joined Merrill Lynch prior to its merger phase, concentrating on Wealth Management, Asset Management, Alternative Investments, and Capital Markets activities. He remained there for nearly ten years and moved to London in 1996 during this period. Following his time at Merrill Lynch, he worked with Kraken—a UK boutique investment firm specializing in mergers and acquisitions within the Power Sector—before assuming his role at the State Bank of Pakistan.

State Bank of Pakistan (SBP)

Yaseen joined the State Bank of Pakistan in 2007 as Deputy Governor and spearheaded the modernization of Pakistan’s Payment System by introducing Real Time Gross Settlement (RTGS) in 2008. This advancement revolutionized interbank fund transfers and digital banking services, allowing approximately 80% of the previously unbanked adult population to gain access to financial products, thereby significantly progressing Pakistan’s Financial Inclusion objectives.

He twice assumed the role of Acting Governor between 2010 and 2011 before being formally appointed as Governor in 2011. His leadership was marked by historic Currency Swap Agreements with China and Turkey, positioning Pakistan as the seventh central bank to establish an Agency Agreement with the People's Bank of China for investments in local Government Bonds. Managing oversight of over 40 banks, he shaped monetary policy and championed branchless banking initiatives that received international acclaim for enhancing financial inclusion. Despite global financial instability following 2008, no Pakistani banks failed under his stewardship, attributed to careful liquidity management.

In response to balance of payments pressures in 2013, with a Current Account deficit near 2%, Yaseen secured currency swaps exceeding $2.5 billion from Chinese financial institutions, which helped stabilize the Pakistani Rupee. He also successfully negotiated a $6.7 billion IMF facility that strengthened foreign exchange reserves, restored investor confidence, and improved Pakistan’s international credit ratings. The IMF noted that this program was uniquely completed without interruption.

Throughout his governorship, Yaseen served on the IMF Board of Governors and participated in Asia’s first Financial Stability Board under the chairmanship of the Bank of England Governor.

After concluding his tenure at SBP in 2014, he provided advisory services to the Industrial & Commercial Bank of China in Singapore until 2020 and subsequently founded ‘Yaseen Anwar & Associates,’ a management consultancy based in Pakistan. In December 2020, he was appointed as Senior Banking Policy Advisor for Pakistan Sustainable Banking by the World Bank/IFC. In 2021, China designated him chairman of the inaugural overseas chapter of Green Investment Principles for Central Asia & Pakistan, supporting the Belt & Road Initiative. He also contributes to several international advisory boards including the Official Monetary and Financial Institutions Forum (UK), Renmin University International Monetary Institute (Beijing), and Zhejiang University International Business School (China), frequently delivering keynote addresses at global forums across Asia and the United States.

Notable Appointments/Achievements

• The only Central Bank Governor in State Bank of Pakistan’s history to successfully negotiate and finalize Currency Swap Agreements with both China and Turkey.
• Led negotiations for the $6.7 billion IMF agreement signed in August 2013, distinguished as the sole program completed without suspension in Pakistan’s history according to IMF records.
• Instrumental in promoting the inclusion of the Chinese Yuan as an International Reserve Currency within the IMF’s SDR basket during 2015/2016.
• Advocated for branchless banking initiatives targeting 80% of Pakistan’s unbanked population; recognized by the Economist Intelligence Unit as one of three countries achieving notable success.
• A distinguished alumnus who rose to Central Bank Governor from the Wharton School at the University of Pennsylvania.
• Featured in a March 2020 interview on global economic issues published by Wharton School of Business magazine.
• Invited speaker at United Nations Conference on Trade and Development (UNCTAD) discussing Pakistan’s branchless banking model alongside multiple Heads of State; also presented at the World Affairs Council in Pittsburgh in 2013.
• Internationally acknowledged former Central Bank Governor cited by institutions such as the Bank for International Settlements and prestigious business schools including Wharton and INSEAD.
• Serves on advisory panels for Renmin University’s International Monetary Institute, Official Monetary & Financial Institutions Forum UK, and Zhejiang University International Business School.
• Chairs Green Investment Principles for Central Asia & Pakistan aligned with the Belt and Road Initiative.
• As Senior Advisor to IFC/World Bank, contributed to advancing Pakistan’s banking sector through launching the ESRM manual on Green Banking Guidelines in 2022.