Saudi Arabia’s deposits in Egypt fall by $2.2bln in one year: Central bank

CBE also revealed that external debt as a share of GDP edged up slightly

  
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, June 7, 2017. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, June 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Long-term deposits made by Saudi Arabia at the Central Bank of Egypt went down by $2.2 billion in the twelve months to the end of June 2021, totalling $5.3 billion.

The bank’s latest report on Egypt’s external position also revealed deposits placed by the UAE and Kuwait in the central bank remained unchanged at $5.7 billion and $4 billion at June 30, 2021, respectively.

Egypt’s fiscal year runs from July 1 July to June 30.

In addition, the report also showed Egypt’s long-term external debt rose by $11.6 billion from 2019/20 to hit $124.2 billion in 2020/21.

However, it accounted for 90.1 percent of total external debt, compared to a slightly higher 91.2 percent from a year ago, the report showed.

The rise in long-term external debt was driven by a $7 billion hike in multilateral institutions’ debt due to the country’s intake of loans from the International Monetary Fund and the European Investment Bank, among others.

The CBE also revealed that external debt as a share of GDP edged up slightly from 33.9 percent in 2019/20 to 34.2 percent in 2020/21.

External debt as a whole amounted to $137.9 billion by the end of June 2021.

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