The approach to implementation of financial standards and codes was based on the efficiency-enhancing elements of the standards and codes, and on the need to consider them as part of the process of institutional development in the country, while not ignoring their relevance to domestic as well as external financial stability. The process enabled an objective, independent and ‘external’ assessment of the domestic economy.
Such a participative and consultative approach with emphasis on gradualism was advocated to secure a convergence of viewpoints and, hence, to evolve a favorable environment for bringing about necessary changes with harmony.