State Bank of Pakistan’s 70th Anniversary Welcome Note by Governor SBP Governor Sindh Mr. Zubair, Honorable Finance Minister, Dr Shamshad Akhtar, Respectable Former Governors, State Bank of Pakistan, Dr. Ishrat Husain, Mr. Yasin Anwar, Mr. Ashraf Wathra Distinguished guests, Ladies and Gentlemen, Assalam-o-aliakum and a very good morning!
Their work underscores the basic logic in Bagehot's prescription for crisis management: A central bank may be able to eliminate, or at least attenuate, adverse outcomes by making cash loans secured by borrowers' illiquid but sound assets.