NBE Receives CBE Approval for EGP 105 Bn issued Capital Increase

 The official newspaper and Egyptian gazette published a decision from the committee of the Central Bank of Egypt, numbered 16/5/ L.E for the year 2023, in its meeting held on October 4th, regarding the increase of the issued capital of the Egyptian National Bank to EGP 105 bn.

The committee's decision included amending articles 3 and 6 of the basic regulations of NBE. Article 3, after the amendment, states that the bank is authorized to perform all banking activities related to commercial banks, specifically:

- Accepting deposits, opening current accounts, obtaining financing from domestic and foreign sources in all its forms, providing various credit facilities with different terms against various types of guarantees or without them, etc.

- Issuing stocks, bonds, organizing public subscriptions, accepting and dealing with all securities in accordance with applicable laws and regulations.

- Collecting and paying orders, drafts, and other valuable papers.

- Issuing bonds, bills of exchange, checks, and notes, whether payable in Egypt or abroad, except for orders payable to the bearer on demand. Also, discounting and trading bills of exchange, checks, and bonds of any kind payable in Egypt or abroad.

- Buying and selling securities in the stock market for its own account or for others and directly engaging in the activities of custodianship in all its forms, and performing all activities related to securities.

- Investing funds in corporate capital and contributing to the establishment of investment and monetary companies, in addition to other tasks that the bank must undertake.

Article 6, after the amendment, specifies that the authorized capital of the bank is set at EGP200 bn, and the issued capital is increased to EGP 105 bn, fully paid, and distributed over 105 billion shares fully owned by the state at a nominal value of one EGP per share.