Monday , November 30 2020

European Union supports central bank efforts to strengthen banks' control

The Egyptian Central Bank (CBE), in cooperation with the German Embassy in the European Union and Cairo, supported a three-year technical assistance in the form of three-year technical assistance to support financial participation efforts and strengthen the banking control framework with a fund of CB Egypt Merkez. "Financial Scope, Inspection and Control of Banks" program launched..

The Egyptian Central Bank stressed that the conference, which was held today to announce the program, placed the financial scope on top of its priorities and policies, and that Egyptians were trying to co-ordinate the various parties involved at national level, creating conditions that did not appropriately take out financial services. Micro, small and medium-sized enterprises to finance, investment, growth and create more jobs, as well as to protect and obtain financial aspirations..

More than 100 participants from government, business, embassy and international development organizations participated in the program.

Speaker of the EU Delegation Egyptian Ambassador Sourcoush expressed his appreciation for the Central Bank's efforts towards the economic reform process and stressed the specificity of the EU contribution and implemented a unique program of financial participation and stability..

Vice President of the Egyptian Central Bank Na The Central Bank of Egypt is constantly working to further strengthen the technical capacity of the control sector, al said Mr. Lubna Hilal in his comments on the latest developments in the field of supervision and supervision of Gamal Najm and banks. Supervision of banks' governance in accordance with international standards and best practices. "

Lubna Hilal announced the efforts of the Central Bank of Egypt to develop scientific-based policies by measuring the level of financial inclusion, trends and challenges of the Republic. Büyük We can collect large amounts of basic data to prepare the first report on financial inclusion. Learn more about how to continue this important work at the local level"Said.

German Ambassador Julius Georg Lui said that Germany has received support for a long-lasting financial inclusion procedure in Egypt, and that it is pleased to see a big improvement for families and companies in providing financial services. "The project is the reference of the Egyptian Central Bank to intelligent financial collateral policies in the Arab world and beyond," the agency said..

At the local level, the Egyptian government has prioritized financial participation in launching the Sustainable Development Strategy: Vision 2030, which focuses on expanding the financial scope and implementing its own initiatives in close co-ordination with relevant parties. In order to institutionalize this process, the Egyptian Central Bank (CBE) introduced the Financial Inclusion Central Government in November 2016 to manage and monitor the financial inclusion process and to improve co-ordination and co-operation with interested parties..

In general, reform policies aimed at fostering financial participation, and in particular the financial participation of women, have been formulated. These efforts have led to a significant improvement in financial inclusion indicators, as shown in the FINEX Index over the past two years. "Global Findex" In 2017, the proportion of adults exported by the World Bank and having a bank account in Egypt reached 33% in 2017, 14% in 2014 and 10% in 2011.

The program will support the efforts of the Egyptian Central Bank to create a comprehensive database at the national level to measure both financial and financial levels of work, both on the supply and demand, which will cover both the household sector and MSMEs. The survey will be carried out in close coordination with the relevant authorities in 2019..

At the level of the audit and supervision sector of the Central Bank of Egypt, the sector has witnessed the reform programs in the last ten years and has begun to adapt its audit methodology to compliance with legislation, managerial guidelines, and risk-based approach. In addition, the banking surveillance system was developed and the Bank introduced Basel II decisions. II andIII – In accordance with the calendar issued by the Basel Committee on Banking Supervision. This project will address the implementation of recent changes to the Basel Framework III (A comprehensive macro risk framework, known as the Basel II Framework, Audit Review and Banking Governance process, which contributes to increasing financial stability and increasing transparency and disclosure in the banking sector, as well as various policy, analysis and coordination tools, will be implemented. A framework for financial and banking reporting, as well as monetary and financial policies Therefore, the overall precautionary risk framework will help the Egyptian Central Bank to make the Egyptian financial system more robust and stable..

The conference focused on the current and future reform policies of the Egyptian Central Bank. Representatives of departments related to audit, auditing and financial coverage offer the latest developments and characteristics of the relevant reform programs, emphasizing the importance of cooperation with the European Union and sharing best practices with other countries in the region..

The program is part of the ı Strengthening Access to Small and Medium-sized Enterprises Financial Services ı program in Egypt, funded by the German Federal Ministry for Economic Co-operation and Development, in addition to non-bank financial services such as financial institutions. Capital financing and insurance for small and medium-sized enterprises.

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