ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Pakistan's Post-Reforms Banking Sector

A Critical Evaluation

There is a common perception that the privatisation process turned a lethargic, moribund, non-performing Pakistani banking sector into a dynamic, modern and outward looking one, which is not only profi table and efficient but also contributing heavily to the country's growth. In this article the authors challenge this perception, showing how between 2000 and 2012 privatisation accompanied by highly indulgent regulatory policies in fact enabled the new owners to earn enormous profits at the expense of the country's economic development. The analysis raises serious questions for policymakers charged with safeguarding the public interest.

We would like to thank several members of Pakistan’s banking community for their helpful comments on earlier drafts of this article. Since most of them are serving in important positions, they would rather remain anonymous.

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