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Egypt receives Saudi $2 bn deposit

Arab World Materials 21 July 2013 18:47 (UTC +04:00)
Egypt’s Central Bank (CBE) received a Saudi deposit worth $2 billion on Sunday, Al-Ahram's Arabic website reported.
Egypt receives Saudi $2 bn deposit

Egypt's Central Bank (CBE) received a Saudi deposit worth $2 billion on Sunday, Al-Ahram's Arabic website reported.

The five-year, interest-free deposit is part of $12 billion in aid that has been pledged by the oil-rich Gulf states of Kuwait, Saudi Arabia, and the United Arab Emirates (UAE).

CBE received $3 billion in aid from the UAE on Thursday, pledged after the military ousted president Mohamed Morsi in early July.

Due to the influx of Gulf money, CBE governor announced on Thursday that foreign reserves had exceeded $20 billion, compared to $14.9 billion in June.

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