Benchmarking our financial sector to international standards and best practices has been very useful to us. In this context, our effort to assess the status and implementation of international standards and codes of various standard setting bodies including the IMF was one of the cornerstones of the recent initiatives which helped us to understand our relative position vis-a-vis international standards.
The approach to implementation of financial standards and codes was based on the efficiency-enhancing elements of the standards and codes, and on the need to consider them as part of the process of institutional development in the country, while not ignoring their relevance to domestic as well as external financial stability. The process enabled an objective, independent and ‘external’ assessment of the domestic economy.