 इस्मिल्लाई रह्माने रहीं, हम लेक्टेर्ज में दिसकस कर रहे हैं, के सेंटल बंक की बालन्स सीट पे क्या फरक परता है, जब दिफ्रन्ट अपरेश्यन्जोग, और उस में हमने करन्सी तु दिपाजट रेशो भी देखा, हम ने अपन्मार्कित अपरेश्यन भी देखा, और हम ने फिनेंचल अपरेश्यन्ट को संटल बंक की तरफ से दिया गया लोन उसके एप्ट को भी देखा. अगर आप इन जस्ट तीन को एनलाईस करें, तो एक रिजाल्ट सामने आर है, कि जब पबलिक नी दिसीन लिया करन्सी वाला, तो से तो मूनिट्री बेस पे फरक नहीं पड़ा था, सिरव रिज़वस पे फरक पड़ा था, और जो तो संटल बंक की तरफ से अपरेश्यन हुए तो ये तीन जो है, यो वो मुजुद है, और वो हम देखना चाहेंगे, के वो कोंसे दिटामिनंट से है, इन तीन के अलावा जो हम दिसकस कर चुकी है, जो एक अप्ट करते है, मूनिट्री बेस, और वो कोंसे है, एक आप प्लोट, एक आप गुमन्ट से अपरेश्यन कोंसे है, और एक इशु हम दिसकस कर ना चाहेंगे, पारन एकस्टेंज माखित इंट्रवेंच्यन एस दिरेक्तिट बाई गुम, पैटल गुम. तो ये तीं जो है, इं इशुज की बेस प्याम ये देकेंगे, ये तीं आसे दितामनणधच लें, जें से स्थन्टल बैंक गे कंटरोल में, मूनिट्री बेस नहीं रही देंगे. इं मिसे पहला प्लोट, तो पले हमें प्लोट को दीफाइन करना पडगेगा, तो तो तोड़ा ताईं, जिस दो रान, अखाूंट में प्लोट सोड़ा है, लेंगें जां से माईनस होना है, माईनस अभी नहीं हूँआ, तो उस फोडे ताईं के लिए, वो मनी दो जगाए पे काूंट हो जाती. जब दो जगाए पे काूंट होती है, प्लोट का एक टेकनिकल डाफिनेशन यह है, के अवेलबल बालनज माईनस बुक बालनज, यह नहीं के एक बिसनेच अंटिटी है, उसका एक अक अच्छुली बालनज है, और एक उसकी बुक वालूए है, जब उसकी बुक्स में जो बालनज आर है, तो वो उसकी बुक्स में वाल्ँव माईनस अगए, लेके प्लैक्तिखली तुस तराण्सफर नहीं हूँा, तो बांक में बोजुड है, तो इस को नहींगे यह फ्लोट होगया, अव यह प्लोट को यह प्रपस फृली भी लोग जुएस करते है, business entities use, its benefits are there. But we do not know that detail. Our point right now is that the money which is there is being counted twice due to the float. It is happening in one account and also in other accounts. So this twice counting increases the money supply. It is temporary, this can be done for an hour or maximum for an day. In this sometimes there is weather control, sometimes there is some seasonality. Like in the days of a week when there is more work, there are delays in between. But it happens outside. The second issue is of the government. Now the government accounts are in the commercial bank. Because it has its dealings. Whereas the government has an account near the central bank. With which the main government's payments are there. So if the government withdraws the amount from its account from the commercial bank. And deposits it in the account of the central bank. For some operations. Then it will happen that the reserve from the commercial bank has gone out. And the reserve from the central bank has gone out. And the reserve from the commercial bank has gone out. This means that it has gone out of the market. Remember that the currency or reserve near the central bank. There is no impact in the economy. We neither call it reserves nor currency. Currency and reserves are the same which the central bank has issued. We will call the reserve and currency for the economy. So until the currency is issued to the central bank. It is worthless. There is no meaning or worth in the economy. Since this reserve has gone back. This means that the reserves in the economy or in the market have gone down. The reserves of the banks have gone down. This means that the monetary base has also gone down. Foreign exchange market intervention. This is the third aspect. This is the third determinant of the monetary base. This is why the monetary base is not in the control of the central bank. So first we have to see what is the foreign exchange market intervention. See, take an example of this. Pakistan has a currency called rupee. And we are seeing its exchange rate mostly from the dollar. We see that the dollar has gone down to so many rupees. If there is such a pressure on our currency. That it should be depreciated. And the value of the dollar starts to increase in our country. So there can be a way for that. Since we have foreign exchange reserves near the central bank. We have studied in NFA. So from our foreign exchange reserves, the market should sell foreign exchange. Like we say, should intervene, should inject. So what will happen with that? It will also have a difference on the monetary base. So when the pressure on your currency is weak or depreciated. Then the central bank will have to sell the dollar to the inter-bank market. And when it sells, then its NFA decreases. Why? Because foreign currency is included in NFA. Foreign exchange is included. So in the assets of the central bank, there is an NDA and a NFA. So foreign exchange, since it has sold to the inter-bank market. So obviously its NFA has decreased. Net foreign assets have decreased. And on the other hand, the NDA has government securities. Or the financial institution has a loan. There is no difference on that. So this means that there is no difference in the NDA. NFA has decreased. Now if NDA and NFA meet from the asset side, then it becomes a monetary base. Like if currency and reserves meet from the liability side, then it becomes a monetary base. Similarly if they meet from the asset side, then it becomes a monetary base. So when there is no difference in the NDA, and NFA has decreased, then it becomes a monetary base. Now this monetary base is due to its action of the central bank. But the exchange rate which has to be kept at a certain level, it can also be the decision of the government. So this is why we said that its control remains reduced. Or you can also say that the control of the central bank will only decrease on its monetary base. If the exchange rate is stabilized, then it will be an intervention in the market. And finally we conclude that we have three main determinants. Other than those determinants, which are to be loaned to the financial institution, or to be changed to currency, or to be conducted by OMO. Apart from those three determinants, in which there is a float, shifting government's deposit from the commercial bank to the central bank, where the central bank has its foreign exchange market intervention, from these three, the central bank has its own monetary liability, its own money, its own reserve money, or its own monetary base, and its control will be reduced. Thank you.