Upfront it has to be acknowledged that despite these adverse developments by all accounts the world thus far has persevered recent shocks quite well given that underlying financial health and macroeconomic fundamentals of both advanced and emerging economies were quite strong. Among the key factor impacting global economy is the financial market turmoil.
The implementation of IFRS 9 is a major challenge not only for the banks but also for the Regulator as well. It is a race against time as January 2018 is only 9 months away. I am still unclear about the state of preparedness and extent of understanding about IFRS9 among the domestic and smaller banks and this makes me quite nervous.