The Central Bank tightened its hold over licensed specialized banks after the latest amendment to the Monetary Law Act was passed in Parliament.
One clause gives the Central Bank power to appoint a liquidator and oversee the liquidation of a licensed specialized bank.
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rnNow Central Bank has virtually the same control over licensed specialized banks as over commercial banks.rn
rnAnalysts say this will give Central Bank direct control over Pramuka if a decision is taken to liquidate the bank. rn
rnThe Amendments also redefined the objectives of the Central Bank limiting its role to economic and price stability and stabilizing the financial system.rn
rnThe Monetary Board, which is now made of three members, will be expanded by three more members with private sector participation.rn
rnOther changes will bring major changes to the conduct of monetary policy.rn
rnCentral Bank will be able to reduce statutory reserves below 10% and be free to redefine money supply.rn
rnMoney supply has become