Article: SBP, watchdog or manager. (Comment).

Addressing the inaugural session of the Conference on the Financial System of Pakistan, organized by the State Bank of Pakistan in Karachi recently, Finance Minister Shaukat Aziz underscored the need of introducing second generation reforms which would help build a robust system capable of facing up the risks inherent in global challenges. The first phase of reforms in the 90s, said the Minister, has served the nation well. There were no panic withdrawals due to tensions on Pakistan's western borders and later on the eastern side. Having been a senior bank executive in the Far East at the time of the economic turmoil, the minister emphasized that the upheaval was largely ...

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