| GEO Business|
| Pak less affected by current global crisis: Governor State Bank|
| Updated at: 1017 PST, Friday, May 15, 2009|
KARACHI: Governor State Bank of Pakistan Syed SalimRaza says Pakistan has been less affected by current global crisis as its banks are well capitalized; their assets and liabilities are squarely domestically based.
Addressing MAP Corporate Excellence Awards Ceremony here, he said in comparison with other Asian economies, which heavily rely on exports to developed world, Pakistan is less affected because of its limited exports and low exposure in international financial markets
``With inflation coming under control, and with a huge domestic market, we could very usefully produce more for domestic economy, and take opportunity to develop domestic commerce and domestic brands.''
SBP Governor said current financial crisis has overwhelmed whole global story since early 1980's wherein deregulation, liberalization, privatization resulted in financial globalization, which was achieved not only by growth but also through cost effective, innovative and efficient supply chains.
He felt economic managers should devise strategies to retain positive effects of globalization that transformed the world and to ensure balance in economic management to allay fears of emerging markets that current global crisis may result in state control of capital; trade protectionism and restrictions on immigration.