Pakistan cenbank appoints seven primary dealers

Pakistan's central bank on Monday appointed seven banks as primary money market dealers for the government securities, five months after it announced plans for the new system. Bankers said the move is set to boost a secondary bond market in Pakistan and was vital before the launch of a proposed long-term government bond.

The State Bank of Pakistan - the country's central bank - said in a statement that tenure for the new primary dealers would start from December 1 and end in June 2001. The dea