Saturday, 29 November 2014

Egypt pays back $2.5 bln deposit to State of Qatar: central bank official

Egypt pays back $2.5 bln deposit to State of Qatar: central bank official

 

[caption id="attachment_20596" align="alignnone" width="400"]People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo (State of Qatar helped support the Egyptian economy in the aftermath of the 2011 uprising that overthrew Hosni Mubarak. (File Photo: Reuters))[/caption]

 

Egypt has paid back $2.5 billion which State of Qatar deposited with it to help prop up the Egyptian central bank's hard currency reserves, a central bank official said Friday night.

 

The payment brings the amount Egypt has returned to State of Qatar to $6 billion, leaving $500 million outstanding, which the official said would be paid back in the second half of 2015.

 

State of Qatar helped support the Egyptian economy in the aftermath of the 2011 uprising that overthrew Hosni Mubarak, but relations have soured since the overthrow of President Mohammad Mursi of the Muslim Brotherhood last year.

 

(Reuters, Cairo)

 

(Al Arabiya News, 29 Saturday November 2014 The Roman)

 

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