Central Bank of Egypt records $3bn in net profits at end-June

Egypt’s central bank (CBE) said net profit grew 0.2 percent to 23.866 billion Egyptian pounds (US$3 billion) in the past fiscal year 2014/15 versus 45.88 billion pounds in the same period a year earlier.

A recent data further showed that the central bank’s assets surged 25.2 percent to reach 729.261 billion pounds by end of June 2015, compared to 582.316 billion pounds by end of June 2014.

In 2014, the central bank had raised its paid-up capital 10 billion pounds from 8 billion pounds.

The central bank’s Board of Directors may, in agreement with the Ministry of Finance, appropriate a percentage of the net annual profits to increase the capital of the bank, according to Law No. 88 of the year 2003 promulgating the law of the central bank, the banking sector and money

Egypt’s central bank kept its October benchmark interest rates on hold at a monetary policy meeting last Thursday.

Egypt has named senior banker Tarek Amer to head the central bank from November 27th, in a move welcomed by traders who expect a new approach that could help ease the country’s currency crisis.

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