Central banks have also increased transparency and extended communication in order to enhance their accountability to the public and make monetary policy more effective. In the wake of the financial crisis, as policy rates approached zero, more and more central banks switched from dipped beam to full beam: using forward guidance, they began to shed light on their reaction function.
STATE BANK OF PAKISTAN Opening Address by the Governor SBP Seminar with Her Excellency Ms. Christine Lagarde, Managing Director IMF Emerging Markets in the World Economy” 24th October 2016 • Her Excellency Madame Christine Lagarde, Managing Director IMF, • Hon’ble Senator Mohammad Ishaq Dar, Federal Minister for Finance, Revenue, Economic Affairs, Statistics, and Privatisation, • Esteemed Diplomats • Learned scholars from academia, • Heads and representatives of national and international financial institutions, • Government officials, • Friends of Media, • Distinguished Guests, Ladies and Gentlemen,  I warmly welcome you all to this seminar!