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Banking
sector looks for stability, confidence
The
banking sector is looking for greater stability and
public confidence in the New Year in the aftermath of
fiascos involving some of the peers in the industry
coupled with global shocks and unfavourable market conditions
domestically.
“The industry is certainly facing a crisis of confidence,”
emphasized a senior banker.
“Some
of the measures taken by the Central Bank are welcome
though it would be desirable to see greater proactive
action. This is crucial if public confidence is to be
restored,” he added.
However there was consensus that the bulk of the banking
and financial sector is sound though the entire industry
is under tremendous pressure largely owing to a multitude
of factors.
“The
year 2008 was extremely challenging due to external
and internal issues. The market conditions such as high
interest rates, inflation rate and an unrealistic exchange
rate weren’t very favourable. Furthermore the macro
economic conditions as well as investor confidence weren’t
conducive for overall growth momentum experienced in
2007,” industry analysts said.
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