Egypt Central Bank receives additional $2 billion from Saudi Arabia: Media

Ahram Online, Wednesday 29 Jan 2014

Saudi Arabia continued bolstering the Egyptian economy by delivering funds to the Central Bank

The Central Bank of Egypt's headquarters in downtown Cairo (Photo: Reuters)

Egypt's Central Bank (CBE) received $2 billion from Saudi Arabia, the Egyptian daily Al-Mal reported on Wednesday.

The funds were mostly used in the exceptional FOREX auction worth $1.5 billion at the beginning of the week, added Al-Mal, quoting an unnamed source.

Official sources at the CBE declined to comment, saying that “Hisham Ramez, head of CBE will soon clarify the issue.” 

Foreign reserves held at the CBE were not affected by the auction and will remain current levels of $17.03 billion, Ramez said in a telephone interview with an Egyptian talk show.

By the beginning of 2013, reserves had fallen below what the IMF considers a safe point for Egypt – about $15 billion.

Last September, Ramez said that Egypt received $7 billion out of the $12 billion pledged by Gulf countries, adding that he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.

The emir of Abu Dhabi pledged an additional $2 billion including deposits and grants, reported Ahram Arabic in September.

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