By M.A. Egge
Finance minister Hon. Dr. Saad Ali Shire has called for the implementation and application of the rules issued by the regulators of the central bank, saying that regulations are put in place such that benefits may be realized owing to their adherence.
The treasury chief, who made the remarks in a speech on Wednesday at the Central Bank’s launch of the implementations of the regulations issued by the central bank, said that every country’s economy is evaluated by the level of its financial institutions.
He said, “Financial institutions lead the country’s social and economic system. It is the place of the sender, the receiver, the depositor, the exchanger, the money changer, the buyer and the seller.”
He said that the work of financial institutions is based on two things which are trust and confidence.
“There are many risks, and to prevent them there is a need for rules and regulations, guidelines and policies.”
Dr. Saad said that regulations are put in place for them to be implemented.
“The first task is for the central bank to ensure the implementation of the rules and regulations issued by private banks, money changers, remittances, and electronic services companies to implement them to achieve the benefit of the regulations.”
He called on the stakeholders who attended the meeting to work together to implement the regulations issued by the Central Bank.