ISLAMABAD: The federal government has appointed former bureaucrat Tariq Bajwa as the new governor of the State Bank of Pakistan (SBP).

The approval to this effect was given by President Mamnoon Hussain on Friday following which a notification was issued by the Finance Ministry.

The seat had fallen vacant in April this year when Ashraf Mehmood Wathra completed his three-year term as the SBP governor.

Bajwa retired last month as the finance secretary. 

Sources said Bajwa's first order of business after assuming office would be to order the formation of an inquiry committee to probe the recent hike in the value of the US Dollar against the Pakistani Rupee. 

Moreover, the dollar spiked to Rs106 Friday morning after an increase of 30 paisas.