Indeed, perhaps one of the most striking features of the international financial system is the size of official reserve assets that have been accumulated by what Hogan and Pearce would have labelled “Surplusia” – the countries that have run persistent current account surpluses.
Privatization agenda should also be extended to insurance sector as this sector is quite critical for Pakistan’s overall financial sector development. Strengthen competition and efficiency Competition drives a market-based financial system that helps bring about efficiencies and innovations by encouraging price discovery and formation process.