Egypt's banks forced to achieve world standards

EGYPT - Governor of the Central Bank of Egypt (CBE) Mahmoud Abul Oyoun announced yesterday that the government is studying new measures to encourage bank mergers to keep pace with world changes in this regard.

He added that the minimum capital rate will be raised from eight percent to 10 percent as of December 31, 2002.

The governor said that it is intended to increase the rate gradually to reach international rates of 12-14 per cent by 2004. He added that any banks unable to raise their capita

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