(iv)  On its part central bank has continued pursuance of a managed floating exchange rate regime. SBP has been quite transparent in its exchange rate management and has underscored the mechanics on how the exchange rate is determined. Since the central bank does not target a specific level, the exchange rate is market determined reflecting the demand and supply dynamics.
In the globalizing world, creativity and entrepreneurial dynamism will be the essence of successful cities (Yusuf and Nabeshima, 2006). All the East-Asian cities, such as, Bangkok, Beijing, Singapore, China, Seoul, Tokyo and others exhibit high levels of educational attainment, and have impressive endowments of educational and research institutions.