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Tuesday, 31 January 2017

Tarek Amer rejects talks with Saudi over deposit repayment, says Egypt paid Paris Club

And while we’re on sovereign debt, CBE governor Tarek Amer denied reports that Egypt is in talks with the Saudi government to extend a USD 500 mn deposit. He didn’t delve into the issue, saying only that no talks are underway. Saudi Arabia has USD 8 bn in deposits in Egypt by Al Borsa’s count — we’ve been pulling them in at a rate of USD 2 bn a year since 2013, with the exception of one USD 500 mn deposit made in 2011. Amer did state that the CBE has apparently made good on its USD 720 mn repayment to the Paris Club which was due this month. Egypt, which owes the Paris Club a total of around USD 3.5 bn as of late last year, will make its next scheduled payment in July.

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