It is not enough to have a vision, we must act now. Accordingly, let me share with you some of the preliminary thoughts on the major elements of the reforms by the CBN in this first phase of the banking sector reforms. We welcome your comments and suggestions before we finalize them.
First, the Governing Council has decided in the near future to publish a comprehensive description of the statistical information collected and compiled by the ESCB, mainly in the areas of money and banking statistics, securities issues, interest rates, balance of payments and financial accounts, with pointers to possible developments in these areas.