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Central Bank of Egypt to return $2.5bn in deposits to Qatar

: Tuesday, September 02 - 2014 @ 09:49

Governor The Central Bank of Egypt (CBE) Hisham Ramez said The Central Bank of Egypt (CBE) will return $2.5bn in deposits to Qatar this year as requested by the Gulf Arab state, Zawya reported. “The central bank is ready to settle $500m at the beginning of October and there is another $2bn due at the beginning of November. We are ready to repay them as scheduled,” the central bank governor said. Qatar, who had been a firm backer of Islamist President Mohamed Mursi, lent or gave Egypt $7.5bn during the year he was in power. But relations between the two countries deteriorated after the army ousted Mursi in July 2013. Egypt returned some $3bn to Qatar between July 2013 and March 2014, according to the Egyptian finance ministry. “The central bank is prepared to return Qatar’s deposits at the specified time,” Ramez said.

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Tuesday, September 2- 2014 @ 9:49 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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