The Banking Code reform will also: (i) establish the NBKR’s sole authority to hold and manage official foreign reserves, and (ii) extend the term of engagement of the NBKR external auditors.
Introduced at R1. Macroeconomic rationale: Strengthen institutional and financial autonomy of the NBKR. At R2, text of condition is revised and timing of final submission rephased to end-March 2013. (See structural benchmark on "Submit the draft Banking Code (including Law on Banks and Bankin Activitiy...)"