International Markets and Investments Department (IMID) was established in September 2006. The department is responsible for the investment of Foreign Exchange Reserves of State Bank of Pakistan. Major functions of IMID include diversification and cash flow management for all approved currencies, managing government payments and exposure. The department identifies and evaluates new investment products and asset classes for investment of reserves, evaluates and recommends changes in investment policy, strategic asset allocation, investment mandates and benchmarks while adhering to the principles of Safety, Liquidity and Return. IMID also conducts detailed performance review of reserves and responsible for search process for new External Fund Managers. The department also devises and implements strategy for investment in sovereign papers.