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International Monetary Fund. Monetary and Capital Markets Department
In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines, most of which have been implemented by the NBG. Currently, the nonbank sector consists of Micro Financial Institutions (MFIs) and Loan Issuing Entities (LIEs). In reforming the sector, the NBG has, among others: (i) amended laws and issued new and revised regulations on registration, capital, and liquidity requirements for MFIs; (ii) significantly expanded supervisory powers and authorities and increased supervisory resources for the nonbank sector; (iii) registered 200 LIEs; and (iv) put in place consumer protection and responsibility lending rules. These new measures have helped to enhance the resilience of the nonbank sector, weed out those that are non-viable, and improved the reputation of the MFI brand.
International Monetary Fund. Monetary and Capital Markets Department

more comfort in depositing with them. To make such a determination, the NBG would likely consider the term of deposits as well as the potential concentration risk associated with the MFIs deposit base . At the end of the two to three-year transition period, the license would be changed to either remove all restrictions in relation to deposits or the restrictions altered but not removed completely, depending on how far advanced each microbank will be at the time. 61. As an interim measure the current definition of repayable funds should be redefined as a