Banking & Finance Saudi extends term for $5bn deposit in Egypt’s central bank By Reuters November 30, 2022, 5:29 AM Creative Commons Saudi Arabia made a $5bn deposit in Egypt's central bank in March Saudi Arabia has extended the term for a $5 billion deposit it made to Egypt’s central bank, state news agency SPA said on Tuesday, without saying how long the extension would be. In March, Saudi Arabia made a $5 billion deposit in the central bank as Egypt came under increasing financial pressure following Russia’s invasion of Ukraine, which pushed up oil and wheat prices and hit tourist numbers from Russia and Ukraine. Gulf states have deposited at least $13 billion with Egypt’s central bank to support its economy so far this year, bringing their total deposits to $28 billion, according to central bank and finance ministry data. That includes a further $5.3 billion of longer-term deposits from Saudi Arabia due to mature in the second half of 2026. An International Monetary Fund official told Reuters in October that Gulf states had agreed to extend their deposits in Egypt’s central bank alongside a new $3 billion IMF financing deal currently awaiting approval from the fund’s executive board. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
