According to the bank’s financial statement, the Central Bank of Egypt made a profit of EGP 22.83 billion ($468.71 million) for the fiscal year 2023/2024 after seven years.
The central bank reported a loss of EGP 86.28 billion in fiscal year 2022/2023. In addition, the bank last reported a profit of EGP 12.66 billion for fiscal year 2016-2017.
In November 2022, in response to Prime Minister Mostafa Madbouly’s directive, the apex bank ceased supporting various government initiatives to minimize losses.
Total assets surged by 35% to reach EGP 6.1 trillion in the last fiscal year, compared to EGP 4.5 trillion the previous year.
According to Zawya website the report indicated that the gold reserves increased by 91% to EGP 454.92 billion by the end of June 2024 from approximately EGP 238.6 billion in the same period the previous year. Egypt’s fiscal year spans from July 1 to June 30 of the following year.
