The implementation of a real-time gross settlement system will automate the current interbank settlement of large-value payments at the State Bank of Pakistan and will minimise credit and liquidity risks; dial-up proprietary systems are in ........., taken over by more robust, functionally enriched Web-based platforms.

According to Shahid A Syed, Pakistan's economy delivered another year of robust growth in 2005-06, despite the ......... earthquake on 8 October 2005 and in the midst of an extraordinary surge in oil prices.

With growth at 6.6% in 2005-06, the economy has expanded at an average rate of 7% a year in the past four years and over 7.5% a year for the last three, thus ......... itself as one of the fastest growing economies in Asia.

The vote of confidence of the international debt capital markets in Pakistan's economic policy, reform agenda and outlook is evident from the successful launch of new 10-year and 30-year ......... bonds totalling US $800m.

The SBP has been pursuing a broadening of access of financial services to all segments of society as an important strategic objective: initiatives have been taken to develop a legal framework for ......... institutions to help the poor, and a focus on SMEs and Islamic finance issues.

Despite considerable progress towards its goal of fostering a sound and dynamic financial system, a number of areas still demand further attention; SBP has kept its focus on consolidating reforms introduced in preceding years and lifting the regulatory and supervisory framework to meet international best ..........

The extensive focus on enhancing the supervisory capacity in recent years has helped SBP to achieve, either fully or largely, ......... status for 28 of the 30 Basel core principles for effective banking supervision.

Federal taxes in Pakistan, like most taxation systems in the world, fall into two broad categories, direct and indirect; direct taxes primarily ......... income tax, along with a supplementary wealth tax.

All public companies, other than banking companies, incorporated in Pakistan, are ......... for tax at a corporate rate of 39%; however, the effective rate is likely to differ on account of allowances and exemptions related to such factors as the industry, location and exports.

The real-time gross settlement system known as the Pakistan Real-time Interbank Settlement Mechanism is at an advanced stage of installation, and its implementation will make the payments systems much more efficient and ........., offering transactional features that are hard to achieve under the current settlement systems.