Former State Bank of Pakistan (SBP) director Tariq Bajwa has been appointed the central bank's new governor for the next three years, according to a notification issued by the Finance Division on Friday.

Bajwa ─ who replaces outgoing acting SBP Governor Riaz Riazuddin ─ joined the Civil Service of Pakistan in 1981 and has held various positions over his 36-year career.

Prior to his new appointment, Bajwa served as the chairman of Federal Board of Revenue (FBR) from July 2013 to October 2015.

He also served as a general manager at Pakistan International Airlines and secretary finance Punjab from 2010 to 2013.

This is not his first stint at the central bank, as he previously remained a director at the SBP. He was also on the Bank of Punjab board of directors.

The notice added that Bajwa's appointment is awaiting approval from President Mamnoon Hussain.