Whereas this may be regarded by some as fortuitous, it is perhaps our nuanced approach to financial sector reform and development that has served us well; our approach has been marked by conscious gradualism with the implementation of coordinated and sequenced moves on several fronts that are predicated on the preparedness for change of the financial system in particular, and of the economy in general.
We have also built in appropriate safeguards to ensure stability, while taking account of the prevailing governance standards, risk management systems and incentive frameworks in financial institutions in the country. Overall, these progressive but cautious policies have contributed to efficiency of the financial system while sustaining the growth momentum in an environment of macroeconomic and financial stability.