Speech by Governor, State Bank of Pakistan, 1 Aug

SPEECH - In the speech titled 'Why does Pakistan have to accumulate foreign reserves?' Husain said "the stability in the exchange rate, the reversal of flight capital, the arrest in dollarisation of the economy, low inflation, the reduction in interest rate and lowering of debt ratios have been made possible by pursuing a strategy of debt reduction."

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Reproduced form Daily Dawn, Karachi: 1, 2 and 3 August 2002 by

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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