assessments of various products from upstream to downstream and across the thread of bazaars and logistic chain. fourth, in order to encourage lending based on reputational collateral, the lab may also encourage collaboration with credit bureaus to test and to create credit scoring models, especially those based on alternate data or otherwise aimed at the segment of individuals and businesses that have no collateral and little or no credit history. lastly, perhaps the most important consideration for the finance lab is how to encourage savings in the country, where particular emphasis may include increasing the awareness of individual savers across the country to understand the risks and returns associated with different avenues, and increasing retail investments in government debt papers and corporate bonds. let me conclude by reiterating my best wishes for the lab. i hope iba's finance lab will facilitate financial institutions in pakistan to rethink and reinvent business models and provide strong product offerings by embracing technology and adopting customer centric approach. i hope that the lab would facilitate great collaboration between the industry and academia to solve topical and long - unsolved problems, and allow students to expand their horizon beyond the classroom. thank you for your attention! 3 / 3 bis - central bankers'speeches

if the relationships that we have assumed, while developing our models, still hold. the economy is a living, evolving organism. relationships between variables break down ever so often. this only adds to the excitement of being a policymaker, ladies and gentlemen! the complexity and the uniqueness of our economy only emphasize the need to develop a thorough grass - roots understanding of the economy, and a customized toolbox to deal with the multiples challenges along the way. far too often have we relied on conventional bis central bankers ’ speeches prescriptions without fully understanding the symptoms. i challenge you all to question the assumptions that you have based your frameworks on ; let ’ s take nothing as a given and let ’ s make our policy directives as unique as the economies they target. i ’ m in a room full of central bankers here and it is probably unnecessary to say this, but, at the end of the day and despite our best efforts, even seemingly seamless plans may fail and our policy instruments may let us down. yes, it is tough to map out the behavior of an informal sector that is probably the size of the formal economy ; yes, it is difficult to impose fiscal discipline ; yes, it is almost impossible to control the international prices of fuels and grains ; and yes, our textbooks seem to be clueless when it comes to tackling today ’ s economic problems. but this only underscores the need – no, the necessity – to fully understand the nature of our economies. know thy economy, ladies and gentlemen! and now i invite you all to share your ideas and experiences with the rest of us. tell us about the nature of your economies ; tell us about your toolkits ; and tell us how they have fared with time. i can tell you that we, at the state bank, have come a long way from the days of rationalized credit and strict controls on exchange rate. we have moved towards a better understanding of our economy and we ’ ve made some significant progress towards discovering the impact that our monetary policy has on the real economy. i hope that you will get a chance to share your thoughts with us and lead our minds to previously unexplored territories. the saarcfinance seminar series was meant to facilitate the transfer of ideas and experiences. today, i am excited about what we may learn from each other over the next few days. on that note, ladies and gentlemen, let us share our insights regarding monetary policy frameworks ; and