This study tests the ability of the Egyptian Bank Reform Plan (2004–2009) to enhance bank efficiency and attain the prime national macroeconomic objectives of generating youth employment, stabilizing consumer prices and managing national debt, which were significantly impacted by the global financial crisis (GFC). The Pedroni Fully Modified Ordinary Least Squares (FMOLS) method is employed and the period covered extends from 2003:01 till 2010:03. The results of the study reveal that the bank reform program has helped the economy weather the impact of the global economic meltdown. On the whole, the reformed banking sector showed evident success in helping the Central Bank of Egypt achieve its nominal anchor of price stability, with the highest outcome delivered by foreign banks. State banks are the most efficient in creating jobs and financing national debt. Private domestic banks are fairly functional in job creation and financing foreign debt. While these results attest to the general success of the reform in mitigating the impact of the blow of the GFC, further enhancement of the role of foreign banks is needed to attain the other two macroeconomic goals.