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Tuesday, 5 January 2021

How about a vacation to Basel instead?

Banks have until 1 January 2022 to comply with updated Basel III requirements — aka Basel IV — on managing operational risks, according to a Central Bank of Egypt (CBE) circular (pdf). The Basel Accords aim to ensure that financial institutions have enough capital on account to meet financial obligations and absorb unexpected losses. Banks in Egypt will need to send their forms to a special CBE email certifying their compliance with the Basel IV framework.

What’s all about? It’s all about standardized methods for dealing with risk at banks, including how it is assessed and how much reserve capital various banks have to have on hand as a counterweight.

Want to know more about the Basel Accords? Check our explainer on Basel I-III and then head here.

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