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. This represents an increase of EGP 1.494trn, or 50%, in one year.
The bank’s capital stood at EGP 21.6bn, while its reserves amounted to EGP 371.281bn. Property rights recorded EGP 86.303bn.
The value of CBE’s gold balances rose to EGP 238.604bn in June 2023, compared to EGP 137.107bn in June 2022, reflecting the high global prices of the precious metal. 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.
The most prominent of these organisations are the African Export-Import Bank, based in Egypt, with a stake of 14.6%, equivalent to EGP 8.515bn, and the Islamic Development Bank in Saudi Arabia, with a stake of 7.1%, equivalent to EGP 5.310bn.
CBE also contributes to the capital of other international financial institutions with different shares, such as the African Finance Corporation in Nigeria (EGP 2.438bn), the Arab Fund for Economic and Social Development in Kuwait (EGP 1.409bn – 6.3% stake), the Arab Trade Financing Program (EGP 51m – 0.7% stake), and Islamic Solidarity Fund for Development in Saudi Arabia (EGP 64m – 0.4% stake).
The Central Bank also contributes to the Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia by EGP 312m (1.7% stake), the Islamic Corporation for the Insurance of Investment and Export Credit in Saudi Arabia by EGP 1.3m (4.5% stake), and International Islamic Trade Finance Corporation in Saudi Arabia by EGP 95m (2.1% stake).
CBE’s contributions to international financial institutions also include Africa50 Infrastructure Investment Platform by EGP 912m (11.5% stake), Africa50 – Project Development by EGP 101bn (10.5% stake), and Union of Arab and French Banks by EGP 59m (5.9% stake).
Moreover, CBE’s financial statements revealed an increase in its contributions to the capital of subsidiaries and sister companies to EGP 45.644bn in June 2023, compared to EGP 27.479bn in June 2022.
The contributions include the Egyptian Mortgage Refinance Company (EGP 147m – 25% stake), the Egyptian Banks Company (EGP 1.636bn – 53.8% stake), Credit Guarantee Company (EGP 513m – 20% stake), EgyCash for technological cash solutions (EGP 109m – 35% stake), Misr for Central Clearing, Depository and Registry (EGP 54m – 70% stake), Terra Digital Financial Infrastructure Company (EGP 126m), and a planned company for digital financial identity with a 55% share at a value of EGP 275m.
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.
