  A sure sign of the fine health of our banking sector was the entry of additional operators on the banking scene, with (i) the conversion of a non-bank deposit taking institution into a full-fledged bank in June 2010 and (ii) the first Islamic bank starting operations in March 2011.
  The Monetary Policy Committee (MPC) took a number of proactive measures during the year. When the economic climate showed signs of losing momentum, the MPC decided unanimously in September 2010 to lower the Key Repo Rate (KRR) by a full 100 basis points, to support the on-going restructuring of enterprises.