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Egypt's net international reserves up to $16.9 bn

Foreign reserves will be tested when Egypt returns large sums to Qatar given during presidential term of Mohamed Morsi

Ahram Online, Thursday 9 Oct 2014
Central Bank of Egypt
Central Bank of Egypt's headquarters in downtown Cairo (Photo: Reuters)
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Egypt's net international reserves (NIR) inched up to $16.9 billion at the end of September, the country's central bank announced on Thursday.

A lack of extraordinary financial commitments had allowed foreign currency reserves at the Central Bank of Egypt (CBE) to climb to $16.8 billion at the end of August, analysts told Ahram Online.

Reserves will be tested when Egypt returns large deposits to Qatar by the end of this year.

Qatar showered Egypt with $7.5 billion in deposits during the presidency of Islamist president Mohamed Morsi – but relations between the two countries have deteriorated since Morsi was ousted in July 2013.

CBE governor Hisham Ramez told daily paper Al-Akhbar on Wednesday that Egypt will return a $500 million deposit from Qatar in October, as requested by Doha.

Qatar has not yet asked for the return of a $2.5 billion deposit which is due to be repaid in November, said Ramez.
 

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