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Kuwait provisionally extends $4 bln deposit maturity for Egypt: CBE governor

Ahram Online , Sunday 29 Apr 2018
Tarek Amer
File photo of the Central Bank of Egypt's governor Tarek Amer (Reuters)
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The governor of the Central Bank of Egypt (CBE) Tarek Amer said on Sunday that Kuwait has provisionally agreed to extend a $4 billion deposit maturity for Egypt.

Amer affirmed that Egypt is committed to paying its foreign debts and financial commitments on time and without any delay.

Speaking at the Arab Banking Conference in Cairo, Amer stressed that the state of chaos that had been witnessed in the country's foreign currency market ended in November 2016 with Egypt's decision to float its currency.

Amer also said that deposits in the country's banks amount to EGP 5 trillion.

Egypt is expected to pay about $13 billion in foreign liabilities by the end of 2018.

The CBE said in February that Egypt’s total foreign debt reached $80.8 billion by the end of December 2017, an increase of $1.8 billion since the end of June 2017.

Foreign debts rose by 2.3 percent by the end of 2017, compared to the end of 2016, when debts amounted to $67 billion, the CBE revealed.

Egypt has embarked on a bold economic reform programme that has included cutting energy subsidies and imposing new taxes. It also floated its currency in November 2016, before it clinched a $12 billion loan deal with the International Monetary Fund.

Later this year, Egypt is expected to receive the fourth tranche of the IMF loan, which amounts to $2 billion.

Egypt’s foreign reserves rose to $42.524 billion at the end of February from $38.209 billion at the end of January, the CBE said last month.

Cairo’s foreign reserves have been climbing since the country secured the $12 billion three-year IMF loan programme in 2016, as part of efforts to boost foreign investment and revive its economy.

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