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UAE extends $1bn deposit with Egypt until 2026

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023 Unsplash.com
The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the country

The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years.

The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report.

Deposits of Arab countries with the central bank accounted for more than half of the short-term debt balance as of June 2023, reaching $15.4 billion.

In addition, a currency swap agreement worth $2.5 billion was signed between Egypt’s central bank and the People’s Bank of China.

In October 2022, Cairo negotiated new deposits worth $6 billion from three Gulf nations, including Saudi Arabia ($3 billion), the UAE ($2 billion) and Qatar ($1 billion), the news report said.

Total Gulf deposits with Egypt’s central bank stood at $29.9 billion as of March 2023.

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