Qatar to convert $2bn Egypt cen bank deposit into bonds- report

Egypt prepared to repay bond within days
By Reuters
Tue 10 Sep 2013 09:56 AM

Qatar agreed on Monday to convert a $2 billion deposit with Egypt's central bank into bonds, Youm 7 newspaper quoted central bank governor Hisham Ramez as saying.

The conversion was thrown into doubt last week when a central bank official said that talks were underway. The official added that Egypt was prepared to repay within days $2 billion that Qatar deposited with Egypt's central bank in May if talks to convert the funds into bonds did not succeed.

The central bank governor was not immediately available to comment on the newspaper report.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.