Several GCC countries hold a group of huge deposits at the Central Bank of Egypt, where the bank’s report tracks the details of deposits from three GCC countries, Saudi Arabia, the UAE and Kuwait, in addition to a deposit for Qatar.
According to the report, the three countries have about $15 billion worth of deposits, according to outstanding balances as of July 2022.
Kuwait has two deposits with the Central Bank of Egypt totaling $4 billion, the first of $2 billion maturing in September and the second of the same amount maturing in April 2023.
Regarding Saudi deposits at the Central Bank of Egypt, the report indicated that there is one Saudi deposit worth $5.300 billion that will mature in October 2026.
While there are 5 deposits in the UAE totaling $5.661 billion and according to the July balances the first deposit is $1 billion due July 2026 and the second is worth $1 billion also due July 2026 . in July 2023, and the third, worth $2 billion, will be paid in three tranches: the first tranche is due in April 2023, the second tranche in April 2024, and another one in April 2025.
The value of the fourth deposit is $1 billion and is payable in three installments in May 2024, 2025 and 2026, while the value of the fifth deposit is $1 billion (of which the remaining $661.74 million) is due in August. 2022.
Qatar’s sovereign wealth fund has also placed $1 billion in Egypt’s central bank, while the gas-rich Gulf state is close to a deal to acquire state-owned stakes in some big companies.
Source: RT+agencies