According to a notification issued by the Finance Division on Monday, the appointment was made under Section 11A(2) of the State Bank of Pakistan Act, 1956, as amended in 2022.

The notification said the federal government was pleased to appoint Malik as Deputy Governor, SBP, for a period of five years with immediate effect.

His appointment comes as the central bank continues to oversee monetary policy, banking-sector regulation and financial stability amid evolving economic conditions.

The notification was issued by the Internal Finance Wing of the Finance Division and signed by Deputy Secretary Amna Shabbir.