BoB extends Basel 11 deadline to 2014

According to sources in the banking industry, the deadline, which was initially set for January 2012, has been extended to December 2013. This means that commercial banks will start to implement the more prudent capital reserve and risk management system dubbed Basel Two from January 2014, parallel to the existing Basel One.

"We have received communication from the central bank about the extension of the deadline up to December 2013. I believe they needed more time to consult with the banks, particularly the smaller ones, which do not have international parent companies that are already reporting Basel Two," said a senior executive from one of the leading banks in Botswana.