***  As prepared to deliver in the event Dr. Shamshad Akhtar, Chairperson-Pakistan Stock Exchange Board, Yaseen Anwar Sahib, Senior Policy Advisor-IFC, Mr. Toshio Odagiri, Consul General of Japan in Karachi, Khawaja Aftab Ahmed, Regional Director-IFC, Zeeshan Ahmed Sheikh, Country Manager Pakistan & Afghanistan-IFC, banks' presidents and CEOs, distinguished guests, ladies & gentlemen, Assalam o Alaikum and a very good morning.
Of caveats and underlying inflation The first point to reiterate is that, from the time I signed my very first agreement with the Minister of Finance (the Hon David Caygill) in early 1990, shortly after the passage of legislation requiring the Reserve Bank to use monetary policy to deliver price stability, the Bank has been expected not to react to price changes arising from things like big changes in international prices and changes in indirect taxes.