UAE renews $1B deposit with Egypt's central bank for additional 3 years


Nov 30, 2023. Posted by  Balkan Periscope - Hellas


The United Arab Emirates (UAE) has renewed a deposit of $1 billion with the Central Bank of Egypt (CBE) for an additional three years, according to a recent report from the Central Bank of Egypt.


The deposit was due to mature in June 2023, but the UAE extended it for three more years until June 2026.

 Arab countries' deposits with the CBE accounted for more than half of the short-term debt balance at the end of June 2023, amounting to $15.4 billion.

 In addition, there is a sum of $2.5 billion representing a currency swap agreement between the Central Bank of Egypt (CBE) and the People's Bank of China.

 Last October, Egypt negotiated new Gulf deposits worth $6 billion, $3 billion from Saudi Arabia, $2 billion from the UAE, and an additional $1billion from Qatar.

 The total Gulf deposits with the Central Bank of Egypt amounted to $29.9 billion as of the end of March 2023.

Egypt Today