The Central Bank of Egypt (CBE) recently reported that the United Arab Emirates (UAE) has extended its $1 billion deposit with the CBE for an additional three years, pushing the maturity date from June 2023 to June 2026.
As of June 2023, Arab nations' deposits comprised over half of the short-term debt balance, totaling $15.4 billion.
Additionally, there is a $2.5 billion sum attributed to a currency swap agreement between the Central Bank of Egypt (CBE) and the People's Bank of China.
In October, Egypt successfully negotiated new Gulf deposits amounting to $6 billion, including $3 billion from Saudi Arabia, $2 billion from the UAE, and an extra $1 billion from Qatar.
Cumulatively, Gulf deposits with the Central Bank of Egypt reached $29.9 billion by the end of March 2023.
