The last years saw a restructuring of the banking sector which means that private access to credit is now easier. By and large, the government stays out of the financial sector and foreign investors enjoy a mostly unconstrained access to the domestic capital market. Ten of the 16 private banks currently operating in the country are foreign-owned. The number of state-owned banks has been reduced. Adding to the number of banks, there are 72 smaller, mostly unregulated lending institutions. To start, run, and close a business is protected by the countryâ€˜s regulatory environment. Starting a business takes a mere 13 days which is less than half the world average of 35 days. But declaring bankruptcy can be a lengthy and burdensome process. Labour regulations are comparatively
flexible. The non-salary cost of a worker is average whereas firing an employee is a straightforward and costless procedure. Regulations on work hours, however, are not flexible.