Dr. Muhammad Anwar Hassan, Vice Chancellor, Preston University, Mr. Muhammad Humayun Khan, Chief Manager, State Bank of Pakistan, SBP BSC (Bank) Peshawar, Mr. Rashid Qazi, Vice President, PICIC Commercial Bank Ltd. Peshawar, Mr. Badar Hussain, Area Head North, MCB Peshawar, Mr. Tabraiz Hassan Butt, Regional Business/Operational Chief Peshawar, Fellow Bankers, Distinguished Ladies and Gentlemen! First of all I would like to congratulate the administration of Preston University Peshawar for organizing this Seminar. It was the earlier part of the 1990s when the inherent weaknesses of the banking structure were recognized and a comprehensive reform process in the banking industry was initiated. The underlying objectives of the initiatives were to ensure and create a level-playing-field environment of competition in the market and to strengthen the governance and supervision of the financial institutions. In fact, the reforms were targeted to adopt a market-based indirect system of monetary, exchange and credit management to ensure the efficient allocation of financial resources. Today, 15 years later, it would no longer be an exaggeration but a fair statement that the landscape of the banking system in Pakistan has changed. The country has made a significant progress in implementing financial sector reforms and has achieved a more competitive market structure with expanding market share of private sector banks. Moreover, significant gains have also been achieved in the form of better supervision and regulation of financial markets and institutions. Due to prudent
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regulatory measures, the local banking industry is now considerably resilient in absorbing adverse shocks, both internal and external. Please note that this progress does in no way means the end of reforms, but provides great encouragement to capture and sustain the current momentum of progress. Time is ripe for