CBE Reveals Plan to Repay $15 Billion in Deposits to Gulf Countries

The report on the external situation of the Egyptian economy issued by the Central Bank of Egypt (CBE) monitored the latest plan to pay the deposits of the three Gulf countries, Saudi Arabia, the Emirates and Kuwait.

According to the report, the three countries have deposits worth approximately $15 billion, according to the balances outstanding in January 2022.

Kuwait has two deposits with the Central Bank of Egypt with a total value of $4 billion, the first with a value of $2 billion, due next September, and the second with the same value as well, and its maturity date came last April.

Saudi and UAE deposit payment plan:

Regarding Saudi deposits with the Central Bank of Egypt, the report indicated that there is one Saudi deposit, worth $5.300 billion, and its due date will be in October 2026.

While the UAE has 5 deposits, totaling $5.676 billion, and according to January balances, the first deposit is $1 billion, due for repayment in July 2026, and the second is also worth $1 billion and is due in July 2023, and the third is worth $2 billion to be repaid in three tranches due to date.

The first tranche is due last April, and a second tranche is due in April 2023, and another tranche is due in April 2024.

The value of the fourth deposit is one billion dollars, due in three installments in May of the years 2024, 2025 and 2026, while the value of the fifth deposit is $1 billion (of which the remaining $676.5 million) and is due in August 2022.