In particular, our efforts to bolster risk management systems, enhance corporate governance standards, build-up capital and adopt international best practices are intended to improve the efficiency and competitiveness of our banks. The Bangko Sentral is mindful that in aligning ourselves with global best practices, we at the same time should take local conditions into consideration.
The Group originally included 22 countries, being the major industrial countries and leading emerging market countries, including South Africa. At a meeting in Washington on 5 October 1998, three more countries from Europe were also invited to participate.