On the employment front, the unemployment rate has declined to 3.7 percent, which is close to the structural unemployment rate of around 3½ percent. As for the outlook, Japan’s economy is expected to continue on a moderate recovery with a virtuous cycle among production, income, and spending at work.
Over two years, many banking supervisors from Germany, Greece, France and Italy shared their knowledge and experience with their Egyptian counterparts to reform the internal procedures and policies of the Central Bank of Egypt towards a greater focus on risk-based supervision. This programme ended in November 2007 and was considered a success by all those involved.