Egypt’s Govt. Banks Apply Basel II Standards By Next June

All local banks in Egypt will apply Basel II standards before the end of next June, said Gamal Negm, sub-governor of the Central Bank of Egypt (CBE).

Banks that ended their yearly budgets in 2012 have already applied Basel II standards, while government banks that end their budgets by the end of the fiscal year will apply the standards by the end of next June, he added.

CBE aims at implementing Basel II standards in Egyptian banks so as to foster their risk management and strengthen capital as well as keep them safe and strong. This will thereby contribute to improving Egypt’s economy.

It is worth noting that the number of banks in Egypt reached 40 after the Arab International Bank has recently become under supervision of CBE.