CBE Gives Banks Reprieve To Implement Basel II Standards Till End-March
The Central Bank of Egypt (CBE) has granted private banks a reprieve till the end of next March to fully implement Basel II standards so as to improve their financial conditions, bridge provision gap and set up risk management units as well as establishing modern IT structures, sources said.
The governmental banks will finalize implementing Basel II standards by the end of next June as their financial statements are concluded with the country’s budget on June 30th, 2013, sources added.
Implementing these standards will achieve the best international banking and regulatory practices, in addition to ensuring the completion of the banking reform plan and improving the quality of risk management.
CBE aims at applying these standards to guarantee the safety, stability and effectiveness of the Egyptian banking sector which will thereby be reflected on the Egyptian economy. Basel III standards are slated to be fully implemented in the international banking market by 2019.
