The Central Bank of Egypt (CBE) witnessed remarkable growth in its total assets, reaching EGP 4.480trn in June 2023, up from EGP 2.986tn in June 2022, according to its latest financial statements. CBE’s balances in banks also increased to EGP 400.090bn, compared to EGP 64.100bn, while balances at IMF recorded EGP 12.266bn, compared to EGP 7.751bn. CBE has also boosted its contributions to the capital of several international financial organisations, reaching EGP 19.378bn in June 2023, compared to EGP 15.711bn in June 2022. CBE also owns stakes in the Arab African International Bank (EGP 32.608bn – 49.4% stake), and the Arab International Bank (EGP 10.176bn – 38.8% stake). CBE achieved profits from its investments in sister companies amounting to EGP 2.990bn in June 2023, compared to EGP 1.966bn in June 2022.

Source: The North Africa Journal September 03, 2023 08:05 UTC