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How Much Money Does the Central Bank of Egypt Have from Gulf Countries?

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The Gulf countries continued to increase their deposits in the Central Bank of Egypt, the latest of which was the expansion of Kuwait and the UAE, reaching $2.6 billion yesterday, Thursday.

In a report on the external position of the Egyptian economy, the Central Bank of Egypt announced an extension of $658.5 million, representing the balance of the balance of the Emirati deposit of $1 billion, to August 2027 instead of August 2022.

Also, the Central Bank of Egypt announced yesterday, Thursday, the extension of the terms of the Kuwaiti deposit in the amount of $ 2 billion for a year, until September 2023 instead of September 2022.

Board member of the Federation of Kuwait Industries, engineer Khaled Abdel-Ghani Al-Abd Al-Ghani, said Egyptian-Kuwaiti relations are in better shape and Kuwaiti companies are exploring the possibility of investing in Egypt.

A member of the Board of Directors of the Federation of Kuwait Industry explained that there are Kuwaiti companies that want to invest in Egypt’s industry, as well as transfer Egypt’s industrial experience to Kuwait.

Three GCC countries previously extended the terms of their deposits in Egypt and this was announced at the end of November 2022, namely the countries of Saudi Arabia, the Emirates and Kuwait, and the total deposits of the 3 GCC countries (UAE, Kuwait and Saudi Arabia) in The Central Bank of Egypt amounted to $14.961 billion at the end of June 2022, according to a report by the Central Bank of Egypt.

According to the Central Bank of Egypt, the deposits of the Gulf countries, namely Saudi Arabia, the UAE, Kuwait and Qatar, which together amount to about $28 billion, are spread over short-term financing of $13. billion, and the value of medium-term and long-term deposits, according to official data, is 14.961 billion dollars.

Emirati deposits account for the largest share of total deposits at the Central Bank of Egypt, amounting to $10.661 billion, split between $5.661 billion in medium and long-term deposits and $5 billion in short-term deposits.

Saudi deposits came in second with a value of $10.3 billion, split between $5.3 billion in medium and long-term deposits and $5 billion in short-term deposits.

According to the report on the external position of the Egyptian economy, Kuwait ranked third with medium and long-term deposits of $4 billion, and Qatar with short-term deposits of $3 billion.

Source: Cairo 24

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