KARACHI - Pakistan's banking system is standing on strong footing and there is no threat to it by world economic turmoil. This was stated by the former governor State Bank of Pakistan and Director IBA Dr Ishrat Hussain while speaking at a seminar on Global Financial Melt Down organised by the Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP) here on Thursday. He said that the Pakistani banks are practicing the strongest banking system with better risk management as being practised in the developed countries. He said that the Pakistani banking system developed stronger during the last 15 years and the local banks made them stronger so there was no threat to Pakistani banks in present scenario. He said through proper and proactive planning the banks had gradually enhanced their check and balance systems, which helped them to make their infrastructure stronger and dynamic. The former governor, however, said that the rumormongers, who are creating panic amongst people, could affect banks negatively. He appreciated the SBP policy to inject Rs 270b liquidity in the banking system in recent days to stabilise the banking system. Ishrat Hussain said that did not see any decrease in foreign remittances, adding these could not be affected for next two years even in case of any emergency. He said that globally Pakistan, China and India are at very safe side in this global finical crisis. He said China's economy had both trends of high and low standard industries, which are unique in the world, and such trend would help Pakistan and India in future to capture the regional market. Moin Fudda, Country Director of Center for International Private Enterprise (an affiliate of U.S Chamber of Commerce), Syed Asad Ali Shah, President, ICAP and Nadeem Yousuf Adil, FCA also spoke at the seminar.