NBE Collects EGP 52.7 Bln Taxes In 8 Months

The National Bank of Egypt (NBE) collected EGP 52.7 billion in taxes during the period from July 2012 to February 2013, compared to EGP 80 billion as of the end of the last fiscal year that ended on June 30th, 2013.

Sources revealed that EGP 51.300 of taxes was paid through checks and EGP 1.433 billion was paid electronically to the bank.

NBE is making progress in developing its IT infrastructure which requires at least five years to be completed. The bank also plans to upgrade its banking system to reach international standards within two years.

The total value of transactions conducted by the bank’s 1300 ATMs exceeded EGP 40 billion as of the end of the last fiscal year.