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Monday, 9 May 2016

Saudi Arabia sends agreement terms for the CBE deposit

Saudi Arabia has sent the CBE the documentation for a USD 3 bn deposit to which it has agreed, government sources told Al Mal. Saudi Arabia is expected to make three monthly USD 1 bn deposits at the CBE starting this month, Al Mal noted. The UAE is also expected to deposit USD 2 bn at the central bank as part of a USD 4 bn package. Al Borsa pegs the value of the deposit at USD 2 bn and says the CBE is reviewing the terms and is looking to receive the funds as soon as possible. A source said the deposit will be placed at the CBE for five years and will carry a “reduced” interest rate.

…Separately, the World Bank Group will transfer USD 1 bn to Egypt once the value-added tax is implemented, a source told Amwal Al Ghad. That aside, the government has finalised all the necessary procedures to obtain the loan, the source said.

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