The Central Bank of Egypt (CBE) released a report on Tuesday that says it recorded $14.9bn in deposits from GCC countries in the first quarter (1Q) of 2022.

According to the report, these deposits primarily came from Saudi Arabia with a value of $5.3bn, Kuwait with $4bn, and the UAE with $5.663bn.

The CBE also revealed that it has paid about $20bn in interest and instalments for foreign debts from July 2021 to March 2022, $16.6bn of which were instalments and $3.345bn were interest payments.

Furthermore, it noted that Egypt’s total external debt amounted to $157.8bn in March 2022, compared to $134.8bn in March 2021, which is about 34.6% of the country’s GDP.

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