– The Central Bank of Egypt (CBE) reported a profit of EGP 22.83 billion ($468.71 million) for the fiscal year 2023/2024, marking its first profit in seven years after a previous loss of EGP 86.28 billion.
– The bank’s total assets increased by 35% to EGP 6.1 trillion, and its gold reserves surged by 91% to EGP 454.92 billion by June 2024.
– In response to a directive from Prime Minister Mostafa Madbouly, the CBE stopped funding subsidized loans and transferred this responsibility to the ministries of finance, housing, and tourism.
The Central Bank of Egypt (CBE) reported a profit of EGP 22.83 billion ($468.71 million) for the fiscal year 2023/2024, marking its first profit in seven years. This comes after a significant loss of EGP 86.28 billion in the previous fiscal year.
The last time the CBE reported a profit was in the fiscal year 2016-2017, when it posted EGP 12.66 billion. In November 2022, the bank ceased support for various government initiatives to reduce its losses, following a directive from Prime Minister Mostafa Madbouly.
The decree instructed the CBE to stop financing subsidized loans and transfer this responsibility to the ministries of finance, housing, and tourism.
During the past fiscal year, CBE’s total assets rose by 35%, reaching EGP 6.1 trillion, up from EGP 4.5 trillion the previous year.
Additionally, the bank’s gold reserves surged by 91% to EGP 454.92 billion by the end of June 2024, compared to EGP 238.6 billion in the same period last year, according to Ashraq Business, an Arabic financial portal.
Egypt’s fiscal year runs from July 1 to June 30.
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