This has, to a certain extent, reduced the effect of injecting money into the economy. 8  •  Second, as mentioned before, the banking system is crucial for the success of a quantitative easing policy.
(e)  E-banking:  It is gratifying to note that a lot of progress has been made in establishing the platform for Electronic banking. With the deregulation of telecommmunication sector in Pakistan, the opportunities for further value added services to underpin banking transactions have multiplied manifold.