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CBE postpones repayment of Saudi deposit worth USD 2.6bn

Tuesday 22 January 2019 02:53 PM

CBE
CBE


By Mohamed Salem:
The Central Bank of Egypt (CBE) managed to postpone the repayment of Saudi deposits of USD 2.6bn for a year in return for paying interest rate of 3% as a result of negotiations conducted with the Saudi officials last year.
This comes in CBE pursuit to extend due dates of external financial obligations, and to strengthen foreign exchange reserve, which lowered by USD 2bn in December after paying T-bills maturity value to foreign investors and repaying foreign debts as well as meeting financial needs of ministries and governmental agencies.
Negotiations with the Saudi side resulted in extending due date of a five-year- USD 2bn- deposit obtained by CBE in 2013 without interest rate. The two sides agreed to postpone repayment of that deposit for 12 months in return for paying an 3% interest.




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