The federal government has appointed Riaz Riazuddin as the acting Governor of the State Bank of Pakistan (SBP), a notification issued on central bank's website stated.

Riazuddin, who had been serving as a deputy governor at SBP, has been appointed as governor for a period of three months or "till the appointment of a regular governor".

Former central bank chief Ashraf Wathra's tenure had ended on April 28, and the SBP had decided not to renew his contract.

The development came hours before the Supreme Court summoned the SBP governor to court on Friday and rejected the SBP's nominees for a joint investigation team that will be investigating Prime Minister Nawaz Sharif and his two sons' business dealings abroad.