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Egypt seeks $4 bn bank deposit from Iraq

The minister of planning and international cooperation will ask Baghdad to bolster Egypt's declining foreign currency reserves through depositing funds in the country's central bank

Ahram Online, Monday 25 Mar 2013
Ashraf El-Arabi
Egypt’s minister of planning and international cooperation Ashraf El-Arabi (Photo: Al-Ahram)
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Egypt’s minister of planning and international cooperation, Ashraf El-Arabi, headed to Baghdad to ask the Iraqi government to feed Egypt's foreign currency reserves with a $4 billion deposit in the Central Bank of Egypt (CBE), Ahram’s Arabic news website reported on Monday.

Oil-rich gulf country Qatar had deposited roughly $4 billion in the CBE over the past two years to bolster Egypt's dwindling foreign currency reserves.

The country's foreign currency reserves currently stand at a critical low level of $13.5 billion, down from $36 billion a little more than two years ago.

Sources that requested anonymity told Ahram that the deputy head of the CBE and several Egyptian bankers are part of the delegation that has flown to Iraq.

Meanwhile, a Libyan official on Monday denied that Egypt would receive $2 billion deposit from the Libyan government.

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