UAE to deposit USD 2 bn at the CBE within days, USD 5 bn in total expected
The UAE will make a USD 2 bn deposit at the CBE “within days” after the Easter and Sham El Nessim holidays, sources told Al Masry Al Youm. The tenor of the deposit will not be shorter than a year and will carry an interest rate of 1.0-1.5%, the sources added. The UAE is expected to deposit USD 2 bn at the CBE, included within a USD 4 bn support package; the remaining USD 2 bn will take the form of development assistance.
…Al Ahram was “informed” that a total influx of USD 5 bn will reach the CBE within the next few days, including the USD 2 bn from the UAE. Sources also added preliminary agreements signed with the Saudi Fund for Development that included injecting USD 8 bn in Egypt will be “activated.” In addition, there are “final-stage negotiations” with the People’s Bank of China to inject funds in Egypt “soon,” but Al Ahram did not specify the amount or the timing of the funding.
Meanwhile, the EGP gained strength in the parallel market on Monday with a rate of EGP 10.40 to USD 1 after having slumped to EGP 10.70 on Sunday, according to Al Masry Al Youm. Monday’s rate should not be taken at face value as most FX exchanges were closed for the Sinai Liberation Day holiday.