A central repository, which, for instance, captures and certifies the details of collaterals, can enable the writing of contracts that prevent over-pledging of collateral by a borrower.
The more so that sound banks mean that individuals, households and the business community can be supported in both good and bad times. The escalation of the pandemic led to the closure of borders and the imposition of confinement measures which significantly disrupted activities in our key sectors. As a result, in 2020, the economy witnessed its worst contraction ever.