Second Phase of Banking Reform Program Successful

The Central Bank of Egypt (CBE) on 15/03/2012 said that the second phase of a program to reform the banking sector in Egypt has been completed successfully. In a released statement, the CBE added that the process is meant at boosting the competitiveness of the Egyptian banking system in cooperation with the European Union. A function was held earlier in the day marking the completion of the technical cooperation program between the CBE on one hand and the European Central Bank and the central banks of France, Germany, Italy, Greece, Bulgaria, Romania and the Czech Republic on the other.

The program was meant to apply the recommendations of Basel II Accords, added the statement. The program sought to guarantee banking stability in Egypt and running capital effectively in a way that leads to coping up with big financial challenges, according to the statement. The first phase of the program started in January 2009 and ended in June of the same year. The second phase started in July 2009 and ended in June 2011.