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CBE pens deal to extend maturity of Saudi deposits

CBE pens deal to extend maturity of Saudi deposits
Tarek Amer and Khaled bin Sulaiman Al Khudairy

Cairo – Mubasher: The Central Bank of Egypt (CBE) has signed an agreement with the Saudi Fund for Development (SFD) to extend the maturity of Saudi deposits held by the CBE, the Middle East News Agency (MENA) reported on Monday. 

The agreement was signed by the CBE’s governor Tarek Amer and the SFD’s vice chairman and managing director Khaled bin Sulaiman Al Khudairy on the sideline of the annual meetings of the International Monetary Fund (IMF) in Washington.

During the period from May 2012 to June 2017, Saudi Arabia, the UAE, and Kuwait deposited a total amount of $8 billion  with the CBE.

Egypt was scheduled to repay $5.2 billion to Saudi Arabia.