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Egypt's Central Bank receives 3rd tranche of Qatar's $2 billion deposit

The second tranche of a $2 billion deposit promised by Qatar was transferred to Egypt last month, according to the finance minister

Ahram Online, Sunday 11 Nov 2012
Morsi and Hamad bin Khalifa
Egypt's President Mohamed Morsi (R) meets with Qatar's Emir Sheikh Hamad bin Khalifa al-Thani at the presidential palace in Cairo (Photo: Reuters)

The Central Bank of Egypt (CBE) has received the third tranche – worth $500 million – of a promised $2 billion deposit from Qatar; state-run news agency MENA reported on Sunday citing finance minister Momtaz El-Said.

According to the minister, Qatar will send the last tranche soon.

In August, Emir of Qatar Hamad Bin Khalifa Al-Thani met with Egyptian President Mohamed Morsi in Cairo to discuss means of enhancing cooperation between the two countries.

Following the meeting, Bin Khalifa ordered that $2 billion be deposited at the CBE, which received the second tranche last month.

Bolstered by the Qatari deposit, Egypt’s foreign currency reserves have risen by $441 million in October to reach $15.484 billion, up from $15.043 billion at the end of September.


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