The Central Bank of Egypt turned to a profit of EGP 22.83 billion ($468.71 million) for the fiscal year 2023/2024 after seven years, Ashraq Business, an Arabic financial portal reported, citing the bank’s financial statement.

The central bank reported a loss of EGP 86.28 billion in fiscal year 2022/2023.

The central bank last reported a profit for the fiscal year 2016-2017 at EGP 12.66 billion

In November 2022, the apex bank decided to stop supporting various government initiatives to cut its losses following the directive of Prime Minister Mostafa Madbouly.

Total assets increased by 35% to EGP 6.1 trillion during the last fiscal year, compared to EGP 4.5 trillion a year earlier.

The gold reserves grew by 91% to EGP 454.92 billion by the end of June 2024 from about EGP 238.6 billion in the same period last year, the report revealed.

Egypt’s fiscal year begins on July 1 and ends on June 30 of next year.

 (Editing by Seban Scaria seban.scaria@lseg.com)