We have consistently logged positive economic growth, and enjoyed social peace with low inflation and moderate unemployment. Despite the lingering global economic crisis, our banking and financial system has remained robust, resilient and well-managed.
Old private banks also have very poor auditing and accounting systems. New private banks – generally good on accounting, but poor on accountability. More modern and computerised, but less risk conscious, One thing which is common to all is that Corporate Governance is highly centralised with very little real check on the CEO, who is generally also closely linked to the largest owner groups.