Saudi Arabia and the United Arab Emirates (UAE) plan to renew their deposits with the Central Bank of Egypt (CBE) that amount to more than $10bn and are due next year, sources close to the matter told Daily News Egypt on Saturday. The sources, who requested anonymity, said that the deposits are short-term and include about $5bn from Saudi Arabia and $5bn from the UAE. They said that an agreement has been reached between the two Gulf countries and Egypt to extend the deposits. The UAE deposits in the CBE total about $10.7bn, divided between $5.7bn long-term and $5bn short-term, while Qatar has deposited about $4bn, Saudi Arabia has deposited about $10.3bn, and Libya has deposited about $900m. A previous Bloomberg report stated that Qatar deposited $1bn in the CBE to finalize these deals.

Source: Daily News Egypt October 16, 2023 12:49 UTC