On Mar. 31, ISR CB issued a report on strategies to boost competition.
ISR CB issued a report on strategies to boost competition in retail banking with recommendations to make it easier for non-bank entities to obtain a banking license.
Interim Report
Appointed by MoF and ISR CB, the team focused on eliminating restrictions, reducing licensing, legislative, structural barriers that hinder players entering the system.
This also ensures banking system stability, customer protection, and addressing conflicts of interest that may arise from the structure of holdings in those players.
Recommendations add to ongoing and past government and ISR CB initiatives, supporting long-term efforts to boost competition and drive financial innovation.
This is in light of the significant role of financial and banking system improvements in lowering the costs of living and driving economic growth.
Implementation of the recommendations will require legislative amendments.
Effectiveness
Comments on the recommendations maybe submitted by May 1, 2025.
