It is a fact that the Credit Reference System was long overdue in the country where each and every monetary policy statement that has been announced has articulated the effects of the growing non-performing loans on our financial landscape. In my article last week, I applauded the central bank for taking a participatory approach towards the resolution of this problem through the creation of the credit reference system.
High and rising levels of non-performing loans exerted strong pressure on banks' balance sheet, with adverse effect on banks' lending operations.
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