Egypt in talks with Saudi Arabia to renew $5.3bn central bank deposits
Egypt is negotiating with Saudi Arabia to renew $5.3 billion in deposits at the Central Bank of Egypt as they come due this October.
Egypt and Saudi Arabia are engaged in negotiations to renew $5.3 billion in deposits at the Central Bank of Egypt, which are due to mature in October. The talks aim to determine the new term for the deposits, though a final agreement on the duration has not been reached. The $5.3 billion in deposits is part of the financial support Saudi Arabia has provided to Egypt since 2014.
Additionally, Saudi Arabia holds $5 billion in short-term deposits at the Central Bank of Egypt, which are renewed annually, bringing the total value of Saudi deposits to around $10.3 billion. The renewed deposits come amid ongoing economic cooperation between the two nations, with trade between Egypt and Saudi Arabia reaching about $18 billion in 2023.
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