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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Pakistani central bank deputy seen getting top job Reuters - Tuesday, August 31 Send IM Story Print By Sahar Ahmed KARACHI, Aug 30 - With a deadline nearing for the Pakistani government to appoint a central bank governor, speculation is growing that acting governor Yaseen Anwar will get the job of helping manage an economy freshly battered by floods. Anwar, deputy governor of the State Bank of Pakistan, took over as acting governor in June after former cental bank chief Salim Raza resigned citing personal reasons. Some officials said Raza had been frustrated with government interference. The appointment comes at a crucial time with big economic losses caused by flooding over the past four weeks putting more strain on an already fragile economy. [nSGE67T079] According to central bank rules, there cannot be an acting governor for more than three months. The deadline is on Thursday. "It looks like Yaseen Anwar will be confirmed as the governor," said a government official involved in economic issues. He declined to be identified. The Dawn newspaper also said on the weekend President Asif Ali Zardari was expected to appoint Anwar, a former executive vice president of London's Kraken Financial Group. "The president was likely to confirm ... Anwar as full-time head of the central bank because he is reported to have developed good rapport with ... Zardari," the newspaper said. The central bank unexpectedly increased its key policy rate by 50 basis points to 13 percent last month, citing inflation and fiscal weakness, in the first monetary policy review since Anwar took over as acting governor. The president's spokesman was not available for comment while Ministry of Finance special secretary Asif Bajwa, who is also ministry spokesman, declined to comment on the speculation surrounding Anwar, or on other possible contenders. "We are aware of the deadline," said Bajwa. INFLATION WORRY Some analysts said the delay in appointing a new governor was a reflection of the extent the government has been distracted by a host of problems. "The government has been dealing with terrorism and volatile politics and the economy sometimes takes a back seat," said one economic analyst who declined to be identified. "Now it has to deal with the floods." Analysts said uncertainty over the appointment had little affect on the main stock market <.KSE>, which closed 0.86 percent lower on Monday on concern about flood damage. The new governor is likely to struggle to keep inflation in check with prices being pushed up by food shortages and disruption to transport caused by the floods. Inflation rose 12.34 percent in July from a year ago but Sakib Sherani, an adviser to the Finance Ministry, said last week it could rise as high as 25 percent, compared with a 2010/11 target of 9.5 percent. Sherani said the estimate was his own and not an official projection from the ministry which was assessing flood damage. The floods have damaged about 14 percent of Pakistan's cultivated land, according to the United Nation food agency, and the total cost of damage to agriculture is believed to be almost $3 billion. [ID:nSGE67P0BL]. The International Monetary Fund is reviewing Pakistan's budget and macroeconomic prospects in talks with Pakistani officials in Washington. The talks are focusing on the future of an $11 billion IMF programme Pakistan agreed to in 2008. (Additional reporting by Faisal Aziz; Editing by Robert Birsel) (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 15 minutes ago HP approves extra $10 billion in stock buyback Reuters - 15 minutes ago FOREX-Yen gains broadly after BOJ easing move disappoints Reuters - 16 minutes ago European shares end little changed; drugmakers up Reuters - 17 minutes ago India gives BlackBerry 60-day reprieve AFP - 19 minutes ago News Search Top Stories Gun rampage leaves seven dead in Slovakia US spending, incomes edge upward Japan announces 920 bln yen stimulus package Sweden's HQ Bank announces involuntary liquidation Child health at risk from non-prescription drugs: study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Earth's upper atmosphere shrinking, scientists say Russian spy courts new scandal with racy photo shoot Joy and tears greet US Army troops back from Iraq Paris Hilton arrested for cocaine possession Child health at risk from non-prescription drugs: study More Most Viewed » Obama endorses mosque plan near Ground Zero Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Belgian man dies of South Asian superbug Most US students think Beethoven is a dog More Most Recommended » Elsewhere on Yahoo! 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