Tuesday, April 7, 2015

Egypt to receive $6 bn in Gulf deposits in 10 days: CBE

Gulf countries pledged a total of $12.5 billion in aid and investments during an economic conference held last month in Sharm El-Sheikh

Egypt

Egypt's central bank governor Hisham Ramez attends the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo

Egypt will receive $6 billion in pledged deposits from the Gulf within ten days, Central Bank governor Hisham Ramez told on Tuesday.

Gulf countries pledged a total of $12.5 billion in aid and investments during an economic conference held last month in Sharm El-Sheikh.

The deposits will be repaid through three maturity tranches of three, four and five years.

The extra dollar reserves come as the central bank tightens its grip on the currency black market.

Egypt imports products worth $60 billion annually which is funded through remittances, tourism revenues and Suez Canal revenues, the backbone for foreign currency earnings.

Egypt's net international reserves stood at $15.29 billion at the end of March.