Arab countries’ deposits at Central Bank of Egypt hit $13bln end-March

REUTERS

UAE and Saudi Arabia deposited $5bln each, while Qatar placed $3bln

Staff Writer, Arab Finance

August 29, 2022

PHOTO

Deposits of Arab countries at the Central Bank of Egypt (CBE) reached $13 billion at the end of March 2022, according to the CBE’s External Position report.

UAE and Saudi Arabia deposited $5 billion each, while Qatar placed $3 billion.

Moreover, $2.8 billion were deposited at the CBE under the currency swap agreement with the People's Bank of China.

The CBE’s data showed that short-term debt soared by around $12.7 million to $26.4 billion at the end of March.

The ratio of short-term debt to net international reserves soared to 71.3% in March 2022 from 33.8% at the end of June 2021.

It is worth noting that Egypt’s total debt service surged 105.76% year-on-year (YoY) during the third quarter (Q3) of the fiscal year (FY) 2021/2022, recording $6.292 billion.

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