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Egyptian banks deal normally with Qatari banks despite cutting ties: CBE

Ahram Online , Monday 5 Jun 2017
Tarek Amer
File photo of the Central Bank of Egypt's governor Tarek Amer (Reuters)
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Egyptian banks are dealing normally with Qatari banks, following Egypt's decision to cut ties with the Gulf state earlier on Monday, the central bank of Egypt (CBE) said.

In statements to state news agency MENA, CBE Governor Tarek Amer also confirmed that all banks in Egypt are still accepting Qatari currency.

News reports said earlier today that some Egyptian banks had halted dealings with Qatari banks, while some had stopped accepting Qatari currency and others had halted certain treasury transactions.

Amer highlighted that Qatar National Bank - Al Ahli (QNB) is an Egyptian bank that is subject to Egyptian law and operates under the supervision of the Central Bank.

He also affirmed that the deposits of all customers at QNB in Egypt are safe, as are all banks, which are subject to the supervision of the CBE.

In the early hours of Monday, Egypt, Saudi Arabia, the UAE, Bahrain, Yemen and the eastern-based government of Libya announced their decision to sever all diplomatic ties over what they say is Doha's support for terrorist organisations such as Daesh and Al-Qaeda, as well as interference in the internal affairs of nations in the region.

Egypt says it took the decision "in light of the continued insistence of the Qatari government to take a stance against Egypt." 

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