M. Ashraf Janjua, History of the Slate Bank of Pakistan, Volume 111 (1977-88), Karachi, State Bank of Pakistan, 2003, pp. 790, Price: Rs.750 (US$30). If ever a history of development of institutions in Pakistan is written, the State Bank of Pakistan will occupy a central place in it. Of course the State Bank has a pivotal position in economic policy formulation and implementation in the country. Furthermore, the institution was founded and its basic processes laid down by men of integrity and vision and despite attempts at some stages of its evolution to denude and make it serve lesser purposes, the State Bank has managed to retain the dynamism and professionalism of its original wisdom. It is also worthwhile to note that the State Bank is probably the only institution to compile a well documented and comprehensive study of its evolution and performance "in the context of the changing political, institutional and economic milieu", as the State Bank governor points out in the foreword of the volume under review. The future historian of institutional development in Pakistan could not have asked for more from the premier institution of the country.