... The procedure should rather be simply as follows: So long as prices remain unaltered, the banks’ rate of interest is to remain unaltered. If prices rise, the rate of interest is to be raised. ... and likewise mutatis mutandis if the price level falls.
Yaseen Anwar: Brief overview of Pakistan’s banking sector and innovative banking practices Speech by Mr Yaseen Anwar, Governor of the State Bank of Pakistan, at Bahria University Convocation, Karachi, 22 December 2014. *  *  *  Vice Chancellor, Bahria University, Prof….…..