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Kiribati Financial Regulatory Bodies Step Up Efforts to Protect Local Market

In recent times, Kiribati’s financial regulatory bodies have been working tirelessly to ensure compliance with international standards and protect the local market from potential threats.

Strengthening Financial Stability

According to sources, the national statistics office has been at the forefront of this effort, providing critical data and insights that help inform policy decisions. This move aims to strengthen financial stability and safeguard investors in Kiribati.

Monitoring Financial Transactions

The Customs Office has also been actively monitoring financial transactions to prevent illegal activities such as money laundering and terrorism financing. In a statement, the office emphasized its commitment to protecting the local market from these threats and ensuring a safe and secure environment for businesses to operate.

Promoting Financial Literacy

Additionally, the Helpdesk has been set up to provide assistance to individuals and businesses seeking guidance on financial matters. The initiative aims to promote financial literacy and empower citizens with the knowledge they need to make informed decisions about their investments.

Regulating Banking Services

The Banking Services License (BSL) authority has also been working closely with local banks to ensure compliance with regulatory requirements. This move is expected to boost confidence in the banking sector and attract more foreign investment to Kiribati.

Supporting Covid-19 Affected Individuals

Furthermore, the government has issued a payment notice for Covid-19 related expenses, highlighting its commitment to supporting those affected by the pandemic. The notice serves as a reminder of the ongoing efforts to mitigate the economic impact of the virus.

Conclusion

As Kiribati continues to navigate the complexities of financial regulation, these bodies are playing a crucial role in promoting stability and growth. With their combined efforts, the country is poised to become a more attractive destination for investors and businesses alike.