Egypt Central Bank returns $500m deposit to Qatar

Relations between the two countries deteriorated after the army ousted Islamist President Mohamed Mursi in July

Egypt returned a $500 million deposit to Qatar at the start of November after Qatar refused to renew it upon its maturity, a central bank official told Reuters on Monday.

The central bank expects to return a further $500 million in early December, the official, who declined to be named, added.

Qatar had deposited the funds with the central bank in late 2012.

Relations between the two countries deteriorated after the army ousted Islamist President Mohamed Mursi in July. Qatar had been a firm backer of Mursi's Muslim Brotherhood and lent or gave Egypt $7.5 billion during the year he was in power.

In September, Egypt returned $2 billion that Qatar had deposited with its central bank, after talks to convert the funds into three-year bonds broke down.

Saudi Arabia, Kuwait and the United Arab Emirates promised Egypt a combined $12 billion in aid in July.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Investor interest in real estate investment trusts (REITs) has...

First bank merger in 20 years sets Saudi Arabia up for more deals

First bank merger in 20 years sets Saudi Arabia up for more deals

Q&A look at what the planned merger of HSBC and RBS’s Saudi ventures...

A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

Most Discussed
sponsoredTracking