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CBE increases capital by LE7.6bn

Cairo: In agreement with the 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 last June against EGP 14bn in FY 2016/17.
In annual financial reports published by the CBE on its website, the bank revealed that the states treasury contributed EGP 6bn to the increase.
The current Banking Act No. 88 of 2003 stipulates that the CBEs paid-up capital amounts to EGP 4bn, and the banks 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 the CBE in agreement with the finance minister may increase the banks capital directly through state treasury. Source: Al Mal

Time Added: 2019-02-19 10:11:37
Source: arabfinance
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