Here I would like to emphasis that strengthening of the framework is a dynamic process, and as recently as in April 2011, the amendments in the BCO were carried out which further reinforced SBP’s role as regulator of the banking sector. The prudential regulations and various guidelines issued by SBP provided the essential impetus for prudent operations of the banks and DFIs.
Earlier observers who said that  1  For an overview, see, for instance, Bernard et al (2007). 2  More particularly, once countries become more exposed to trade, higher foreign competition will have two impacts: On the one hand, this will lead to shrinking operating profits of domestic firms in domestic markets, which will force the least productive firms to exit the market.