CBE Reports Profit of USD 469 Million for First Time in 7 Years

The Central Bank of Egypt (CBE) has reported a profit of EGP 23 billion (USD 469 million) in fiscal year 2023/2024, marking the first time it has turned a profit in seven years.

The last time the CBE reported a profit was in fiscal year 2016/2017, when it earned EGP 12.66 billion. In fiscal year 2022/2023, the CBE had reported losses of EGP 86.28 billion.

The past fiscal year also saw the CBE report an increase of 35% in total assets to EGP 6.1 trillion, compared to EGP 4.5 trillion the year before.

Additionally, gold reserves are reported to have increased by 91% to EGP 455 billion in fiscal year 2023/2024, compared to EGP 239 billion during the previous year.