SBP Governor and Deputy Governors' Pay and Benefits Rose 94% to Rs 182.5 Million in FY26
The State Bank of Pakistan's FY26 accounts put the Governor and Deputy Governors' salaries and benefits at Rs 182.5 million, up 94%. See what the note says.
Short answer: The State Bank of Pakistan's audited accounts for FY26 show salaries and other benefits of the Governor and Deputy Governors at Rs 182.5 million, up 94.2 per cent from Rs 94.0 million in FY25. The figure is one combined amount. The accounts do not say why it rose.
Most readers meet the central bank through its policy rate or the dollar rate. Few open its annual accounts. This year one line in those accounts drew attention, because it almost doubled.
We downloaded the SBP's Annual Financial Statements 2025-26 on 12 October 2026 and read note 46 of the unconsolidated statements, the note on related party transactions. The auditors signed the statements on 27 August 2026. All amounts in the notes are printed in thousands of rupees, and we converted them to millions.
The note shows Rs 182.5 million for the Governor and Deputy Governors
Note 46.5 lists "salaries and other benefits of Governor and Deputy Governors" at Rs 182.526 million for the year to 30 June 2026. The year before it was Rs 93.974 million. The rise is Rs 88.6 million, or 94.2 per cent.
The same note gives two more lines: the fees paid to non-executive directors and the fees paid to the external members of the Monetary Policy Committee (MPC). The MPC is the group that sets the policy rate, and its September minutes show how members voted. Together the three lines add up to Rs 216.1 million.
| Line in note 46.5 | FY25 (Rs million) | FY26 (Rs million) | Change |
|---|---|---|---|
| Salaries and other benefits, Governor and Deputy Governors | 94.0 | 182.5 | Up 94.2% |
| Fees of non-executive directors | 11.2 | 25.2 | Up 125.6% |
| Fees of external MPC members | 7.6 | 8.4 | Up 10.8% |
| Total | 112.7 | 216.1 | Up 91.7% |
The figure is a combined amount, not one person's pay
The note reports one consolidated amount for the Governor and all Deputy Governors together. The accounts say this follows section 14A(7) of the SBP Act, 1956. The note gives no head count, so nobody can work out a per person salary from it.
The accounts also describe who sets the pay. The Governor is appointed by the President of Pakistan and the Deputy Governors by the Federal Government. Under section 14A of the SBP Act, the Board of Directors of the Bank determines their remuneration.
The words "other benefits" matter. The note does not list what sits inside them, such as allowances, bonuses or housing. A reader should treat Rs 182.5 million as the full cost of the group, not as a monthly salary.
The accounts do not explain the rise
The statements give no reason for the 94 per cent increase. They do not say whether the number of Deputy Governors changed, whether the figure includes arrears or one-off payments, or whether a new pay scale started. Those questions need an answer from the SBP.
We searched the notes for an explanation and did not find one. A rise of this size can come from a change in the number of people, a payment for an earlier year or a new scale. We cannot tell which from the accounts, so we do not guess.
One check is possible. The SBP reports the number of key management personnel at 26 in both years. That count covers directors, the Governor, Deputy Governors and senior executives, so it does not isolate the Deputy Governors.
Pay for the wider key staff group rose far less
Across all 26 key management personnel, salaries and other benefits rose 8.5 per cent to Rs 1,169.2 million. Retirement benefits rose 5.7 per cent to Rs 393.9 million. The group's size stayed at 26 in both years.
The key staff definition in the accounts includes the Governor and Deputy Governors. The two tables therefore overlap, and the lines should not be added together.
| Key management personnel, note 46.6 | FY25 (Rs million) | FY26 (Rs million) | Change |
|---|---|---|---|
| Salaries and other benefits | 1,078.0 | 1,169.2 | Up 8.5% |
| Retirement benefits and compensated absences | 372.8 | 393.9 | Up 5.7% |
| Directors' fees | 25.1 | 45.4 | Up 80.9% |
| Number of people | 26 | 26 | No change |
How to read the note yourself
The accounts are public, like the other economy numbers on the official SBP and PBS pages. Open the Publications page on the SBP website, download the Annual Financial Statements 2025-26, and find the related party note. The pay lines sit in note 46.5 of the unconsolidated statements and note 52.1 of the consolidated ones.
- Open the SBP website at sbp.org.pk and choose Publications.
- Download Annual Financial Statements 2025-26. The file is large, so give it a minute.
- Go to the unconsolidated statements and scroll to the notes near the end of that section.
- Find note 46, Related Party Transactions, and read 46.5 and 46.6.
- Compare the 2026 and 2025 columns. Amounts are in thousands of rupees.
Our earlier piece on the SBP profit of Rs 1,990 billion in FY26 reads the profit and loss account from the same file. The pay note sits in a different part of the accounts, so the two pieces do not repeat each other.
What the figure does and does not tell you
The figure tells you what the central bank spent on its top three layers of leadership in FY26 and how that compares with FY25. It does not tell you the salary of any named person, or whether the level is high or low against other central banks.
For context, the SBP's operating expenses were Rs 88.3 billion in FY26, as set out in our profit explainer, and its banking review covers the sector it supervises. Rs 182.5 million is about 0.2 per cent of that. The comparison helps with scale. It is not a judgment on the pay.
Common questions
Did the SBP Governor's salary rise by 94 per cent?
No one can say that from the accounts. The 94 per cent is the rise in one combined amount for the Governor and all Deputy Governors, and the note gives no head count or individual pay.
How much is the SBP Governor paid?
The accounts do not say. They publish only the total for the Governor and the Deputy Governors together, Rs 182.526 million for FY26.
Who decides the Governor's pay?
The accounts say the Board of Directors of the Bank determines it under section 14A of the SBP Act, 1956. The Governor is appointed by the President and the Deputy Governors by the Federal Government.
Why does the SBP publish this figure?
The accounts say the amounts are given in compliance with section 14A(7) of the SBP Act, 1956. They list the consolidated pay of the Governor and Deputy Governors and the fees of non-executive directors and external MPC members.
Is this new?
The statements carry an audit date of 27 August 2026. The pay line drew wider attention on 11 October. We read the note ourselves on 12 October and report only what it shows.
Did the profit transferred to the government change because of pay?
The pay amount is tiny against the profit. A Rs 88.6 million rise is about 0.004 per cent of the Rs 1,990.4 billion profit, so it does not move the transfer in any visible way.
How we verified this
What we checked, where we read it, and what we could not confirm.
We read the SBP Annual Financial Statements 2025-26, notes 46.5 and 46.6 (unconsolidated) and 52.1 and 52.2 (consolidated), on 12 October 2026 at sbp.org.pk. We did not find a public SBP explanation for the change, and we did not read the SBP's press release of 27 August 2026 ourselves for this piece. The 94 per cent figure and the head count are our reading of the note, so check the original before quoting it.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
