The list may be quite exhaustive but in the interest of time I would like to mention few key developments related to financial markets such as (a) introduction of interest rate corridor and SBP target rate, (b) strengthening of FX reserves and deepening of FX markets, (d) broadening the scope of money market to include Islamic Financial Institutions, (e) diversifying the investor base for government securities and (f) strengthening of primary dealers.
Further, SBP is always trying to align itself with international guidelines and best practices. Within the supervisory landscape, regulators around the globe are gradually shifting their focus from compliance based supervision to forward looking risk based supervision (RBS). RBS focuses on continuous identification and mitigation of key risks associated with financial institutions, while helping the regulators to allocate their supervisory resources optimally and effectively.