German Central Bank Profits 5.8 Billion Euros

German Central Bank Profits 5.8 Billion Euros

The German Central Bank's profit in 2019 rose by 3.4 billion euros to 5.8 billion euros, with a sharp rise in net revenues. The German Central Bank (Bundesbank) has announced the bank's financial figures for the past year. Accordingly, the bank's profit for the past year increased by 3.4 billion Euros to 5.8 billion Euros with a sharp increase in net revenues. The total assets of the bank decreased by 3.23 percent compared to the previous year and fell to 1 trillion 780 billion Euros. The distributable profit of the bank increased by 3.5 billion Euros in the period in question and reached 5.9 billion Euros. While the said profit has been recorded as the highest distributable profit since 2008, it has been stated that all of them will be transferred to the ministry of finance. SPREADING THE CORONAVIRUS MAKES AN ADDITIONAL ECONOMIC RISK FOR GERMANY The statement also included the views of the German Central Bank (Bundesbank) President Jens Weidmann on the economic impact of the coronavirus and the German economy. Weidmann, who is also a member of the European Central Bank (ECB) Governing Council, noted that trade disputes were worrying the financial markets last year and noted that significant uncertainties affecting global trade continued even after the signing of a first-phase trade agreement between the USA and China. Weidmann emphasized that the economic impact of the coronavirus, which affects the world, has not been measured yet, "The spread of the coronavirus poses an additional economic risk for Germany in the short term."