These flows combined with Pakistan’s decision to float sovereign bond issues and GDRs for some companies helped to build the reserves significantly that reached record highs of $ billion. Building up of reserves was a decision taken in anticipation of the emerging difficult domestic and external environment. It turns out that this served well in preserving the exceptional shocks Pakistan faced in 2007.
Page 5 of 7  The Press Release is meant to inform the public that all licensed commercial banks will now have direct  access  to  the  primary  market  for  Government security operations and commercial banks are all eligible to open CSD accounts at BOU for their clients, they are all able to issue and accept bid submission forms on their clients behalf, settle their clients’ successful bids and buy their clients’ securities if the client wishes to sell.