Thursday 19 backend.Sep
The Central Bank of Egypt announced today, Tuesday, that it has succeeded, for the first time in seven years, in turning to profitability in the past fiscal year.
According to the Central Bank's annual report, the bank achieved a remarkable turnaround, recording a profit of 22.834 billion Egyptian pounds after incurring losses of 86.28 billion in the previous fiscal year.
The Central Bank's decision to end interest rate support for five initiatives, including housing finance, industry, tourism, and dual-fuel vehicle conversion, led to a significant increase in profitability.
The decision to end interest rate subsidies was made by the then-Prime Minister, Dr. Moustafa Madbouly, due to the Central Bank's financial losses. The government also plans to reduce its debt to the Central Bank by 100 billion Egyptian pounds annually, which could benefit the bank's future budget.
