At the risk of over-generalisation, the one-size-fits-all approach to economic management stemming from the belief in an optimal model is being replaced with an acknowledgment of the merits of policy diversity and tailoring to countries’ circumstances.
Harmonization of the regulatory framework with the recent international developments in this area, more specifically in the European Union, has continued to be an important priority of the CBK during this year, which caused the drafting of various regulations which advance different aspects of the banking regulation, such as: the Regulation of IFRS 9 Financial Instruments, and the Regulation on Non-performing Loans and Restructurings.