Egypt Central Bank returns $500 mln deposit to Qatar

Reuters, Tuesday 5 Nov 2013

Egypt returns half a billion dollars to Qatar from the Central Bank, more to be returned in December

CBE
Egypt central bank (Photo: Reuters)

Egypt returned a $500 million deposit to Qatar at the start of November, after the Gulf state refused to renew it upon maturity, a Central Bank of Egypt (CBE) official told Reuters on Monday.

The CBE expects to return a further $500 million in early December, the official added.

Qatar had deposited the funds with the Central Bank in late 2012. Relations between the two countries deteriorated after the ouster of Islamist President Mohamed Morsi in July.

In September, Egypt returned $2 billion that Qatar had deposited with the CBE, after negotiations to convert the funds into three-year bonds broke down.

Qatar sent Egypt $3 billion in May, of which it converted $1 billion into three-year bonds.

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