KARACHI, Dec 1: Tawfiq A. Husain has been appointed as acting governor of the State Bank of Pakistan with effect from December 2, 2005. However, the space for speculation about the new governor remains open. A notification issued by the ministry of finance on Thursday said Mr Tawfiq would remain as acting governor till the appointment of a regular governor.

Thursday was the last day of outgoing SBP Governor Dr Ishrat Husain, who spent six years to serve and regulate the banking industry.

Mr Tawfiq was first appointed as deputy governor of the State Bank for a three-year term on September 20, 2001. He was reappointed as deputy governor for a further two-year term on September 20, 2004 after the completion of his first three-year term.

As a deputy governor, Mr Tawfiq was responsible for banking and exchange and debt management affairs.

There is a widespread speculation in the market about the appointment of the new governor and names of a number of top bureaucrats and high officials from the international banking industry are in circulation for the job.