MCQ Detailed View

The first Governor of the State Bank of Pakistan was Zahid Hussain. He was appointed to this key position on July 1, 1948, the same day the State Bank of Pakistan was inaugurated by the founder of the country, Quaid-e-Azam Muhammad Ali Jinnah. Zahid Hussain played a critical role in laying the foundation of Pakistan’s monetary and financial system during the earliest and most fragile years of its independence.

Before taking charge of the newly established central bank, Zahid Hussain served in the Indian Civil Service and held important financial positions during British rule. After partition, his experience made him one of the most capable choices to head the central banking system in a newborn nation that was struggling with economic uncertainty.

Key facts about Zahid Hussain’s contributions:

• Position: First Governor of the State Bank of Pakistan


• Tenure: 1948 to 1953


• Education: Graduated from Aligarh Muslim University and Oxford


• Background: Former financial advisor and member of Indian Civil Service


• Contribution: Helped build Pakistan’s monetary policy, currency regulations, and financial infrastructure

One of his major tasks was to stabilize the Pakistani rupee and manage the currency transition after independence from British India. He also initiated Pakistan’s early financial institutions and oversaw the issuance of the first Pakistani currency notes. Under his leadership, the bank became a crucial part of Pakistan’s economic planning and national development.

His legacy remains significant because the early financial policies he helped formulate laid the groundwork for Pakistan’s future economic management. Zahid Hussain’s disciplined leadership during a time of severe economic strain earned him a reputation as a pioneer in the field of Pakistani central banking.