Egyptian Banking Sector To Implement Basel II By Next June

All Egyptian banks will apply Basel II standards during the first half of 2013, said an official source at the Central Bank of Egypt (CBE).

All private banks will apply these standards during this month, so as to be in line with the best banking practices and international supervisory principles, in addition to enhancing their risk management practices, he continued.

The application of Basel II standards are delayed to the end of FY 2012/2013, in order to give banks an opportunity to improve their financial positions, allocate enough provisions and build up modern IT infrastructures.

CBE aims at implementing Basel II standards in Egyptian banks to keep them safe and strong and this will accordingly help in improving Egypt’s economic and social conditions.

It is worth noting that Basel III standards is slated to be implemented by all banks all over the world by 2019.