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At the beginning of this year, Kenyan banks joined their global peers in adopting the International Financial Reporting Standards 9 (IFRS 9), ushering in a significant shift in accounting for financial instruments.
As the financial institutions settle in under the new regime — which among other things requires that provisions are made on the basis of expected, rather than realised loan losses — focus is shifting to the impact this would have on the banking sector and the economy as a whole.
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