The Financial Stability Council (FSC/Council) met on May 5, 2023, to deliberate on domestic financial stability developments including sectoral performance and regulatory issues, as well as evaluation of the impact of current and prospective regional and global financial developments. It was concluded that, the domestic financial system remains resilient and robust, and continues to be safe and sound, as well as unconstrained in providing and growing the range of financial services to support the economy. However, the high interest rates and constrained supply of credit globally (tightening of financial conditions), elevated inflation, uncertain economic prospects and geopolitical risks pose a risk to domestic financial stability; and, therefore, there is need to maintain robust monitoring frameworks for risks and vulnerabilities and, where necessary, implement appropriate policies to mitigate risks and maintain financial stability.
See Press Release attached below: