UNFINISHED REFORMS TEST EGYPT'S ADVANCE

摘要

Five years after the Central Bank of Egypt (CBE) launched its programme of reform, the restructuring of Egypt's banks is still a work in progress. While many changes have been successfully implemented, the failure of recent large deals has dampened optimism within the sector. The 2003 banking law introduced stricter rules to improve asset quality, increase minimum capital requirements and force consolidation. Its achievements include reducing the number of banks from 62 to 40, and encouraging the role of the private sector by reducing the market share of state banks from 80% to 45%. But the CBE's work is far from over.