Central Bank of Egypt’s (CBE) Deputy Governor for control and supervision affairs, Tareq Al Faid , has asseted that banking sector has a strong Capital Adequacy Rate as in some banks CAR reached 15%.
This percentage is higher than the required standards. Whereas Basil II required that CAR must reach 10%.
Al Faid has pointed out in a statement to Amwal Al Ghad that banks which its budgets ended in the last December are complies with Basil II standards.
He has explained that auditors and concerned departments in CBE are checking banks’ budget according to Basel II since the first quarter of the current year.
He added that the governmental banks that will finalize the budget in June will be match with Basel II by next July.
He has confirmed that CBE play a major role in supporting banking sector to apply these standards since the time of former Central Bank Governor’s Farouk al-Oqda till today. As CBE has helped in banking reformation in order to make the banks comply with Basel II standard.