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CBE increases capital by EGP 7.6bn

Monday 18 February 2019 01:26 PM


By Mohamed Salem and Sayed Badr:
In agreement with Finance Ministry, the Central Bank of Egypt (CBE) pumped the largest increase, amounting to EGP 7.6bn, into its paid-up capital during the last fiscal year. The paid-up capital rose to EGP 21.6bn in last June against EGP 14bn in FY 2016/17.
In annual financial reports published by CBE on its website, the bank revealed that the state’s treasury contributed EGP 6bn to the increase.
The current Banking Act No. 88 of 2003 stipulates that CBE’s paid-up capital amounts to EGP 4bn, and the bank’s board in accord with the finance minister may set aside a portion of net annual profit to increase capital. The law also stipulates that the governor of CBE in agreement with finance minister may increase the bank’s capital directly through state treasury.