6 The stock of Marketable Treasury Bills held by SBP did rise to over Rs 540 billion but this was brought down to Rs 400 billion as the Government retired a part of its obligations with PTCL proceeds. Minimizing fiscal dominance is a key pre-condition for an efficient conduct of monetary policy and for enhancing central bank independence.
After the accession by China to the World Trade Organization in 2001, strategic trade agreements with other emerging markets, particularly in Asia, have been enacted.