Compliance with the two pieces of legislation has been underway and over the period will help in eventually curbing more effectively Government’s recourse to central bank borrowing – which traditionally has complicated monetary policy management.
However, post-crisis, the collegial approach to financial stability has been further strengthened by constituting the Financial Stability and Development Council (FSDC). The FSDC, headed by the Finance Minister, was set up in December 2010 in the wake of the global financial crisis with a specific mandate, inter alia, for systemic financial stability.