This paper aims at creating the necessary awareness that could end some travails of developing economies. It highlights the major global economic and financial reforms as stipulated in the Basel III standards, but galvanized by Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS), which G-20 instigated. The paper presents a brief history of what led to Basel III standards and the lessons from it.It presents the Basel III global capital adequacy requirements and the relativity of the reforms to developing countries’ banking institutions. In conclusion, suggestions are made on what the way forward ought to be for the developing countries.
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