CBE: Non-banking financial sector contributes 9.8% to Egypt’s GDP in FY23/24

The non-banking financial sector played a substantial role in Egypt’s economy during the fiscal year 2023/2024, contributing 9.8 percent of GDP and 7.7 percent of total financial assets, according to data released by the Central Bank of Egypt (CBE).

The CBE report highlighted notable growth in non-banking financial activities and the performance of the Egyptian capital market up until the first quarter of 2024. It attributed this growth to the Financial Regulatory Authority‘s (FRA) efforts to adopt a more flexible and responsive approach to meet evolving market needs and maintain stability.

The report emphasised the importance of balancing market development with maintaining stability, a key focus of the Financial Regulatory Authority’s approach.

Attribution: CBE

Subediting: Y.Yasser