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CBE halts banks from paying dividends

CBE halts banks from paying dividends

ArabFinance: Egyptian banks are not allowed to distribute dividends from 2020 earnings and/or from retained earnings in line with concerns over the establishments’ capital base amid the ongoing COVID-19 pandemic, the Central Bank of Egypt (CBE) announced in a January 11th circular.

The CBE, however, gave the green light for paying out dividends to employees as well as disbursing board remuneration for fiscal year 2020.

Local banks in the Arab republic reportedly achieved a net profit of EGP 50.04 billion at the end of June 2020.

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