{"id":555061,"date":"2021-11-01T03:50:19","date_gmt":"2021-11-01T03:50:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/"},"modified":"2021-11-01T03:50:19","modified_gmt":"2021-11-01T03:50:19","slug":"saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/","title":{"rendered":"Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Saudi Arabia has <\/strong><strong>provided Egypt with USD 3 bn <\/strong>to help it overcome the effects of the pandemic and shore up its foreign reserves. The kingdom deposited the new funds at the Central Bank of Egypt and has extended the maturity of USD 2.3 bn worth of existing deposits, the kingdom\u2019s finance ministry said in <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=ar&newsid=2300253#2300253\">a statement<\/a> yesterday.<\/p>\n<p><strong>Egypt has recovered around half of the reserves it spent during the height of the covid<\/strong> <strong>market panic last year:<\/strong> The country\u2019s stockpile has gradually inched up this year, reaching <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/NIR-September-2021.aspx\">USD 40.8 bn<\/a> in September after having fallen almost USD 10 bn between March and May last year to USD 36 bn. The Saudi funds will put us a lot closer reaching the pre-pandemic peak of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0afff7d1-dbb9-42a8-a855-28a2261272e7\">USD 45.5 bn<\/a>.<\/p>\n<p><strong>Riyadh has given us significant financial support over the past eight years:<\/strong> Saudi <a href=\"https:\/\/english.alarabiya.net\/business\/economy\/2013\/07\/09\/Saudi-Arabia-approves-5-billion-aid-package-to-Egypt\">provided the country with USD 5 bn<\/a> immediately after President Abdel Fattah El Sisi came to power in 2013, including a USD 2 bn central bank deposit. Riyadh had USD 5.5 bn in long-term deposits at the CBE as of the end of March, according to central bank data cited by <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-deposits-3-bln-egypts-central-bank-extends-previous-facilities-2021-10-31\/\">Reuters<\/a>.<sup><\/sup><sup><\/sup><\/p>\n<p><strong>Pakistan also got fresh funding:<\/strong> The statement said that the kingdom has deposited USD 3 bn with Pakistan\u2019s central bank and handed the government USD 1.2 bn in trade finance to ease the pressure on its balance of payments. The Saudi Fund for Development <a href=\"https:\/\/www.sfd.gov.sa\/ar\/news\/almmlkt-tdm-alaqtsad-albakstany-bwdyt-fy-albnk-almrkzy-albakstany-mn-khlal-alsndwq-alswdy\">said<\/a> last week that the USD 1.2 bn would be used to pay for imports of petroleum products.<\/p>\n<p><strong>The deposits come (indirectly) courtesy of the IMF:<\/strong> Riyadh is deploying around 70% of its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9bf1952-3d66-456e-80e5-c656a81dea10\">latest SDR allocation<\/a> from the IMF to provide the boost to Egypt and Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia has provided Egypt with USD 3 bn to help it overcome the effects of the pandemic and shore up its foreign reserves. The kingdom deposited the new funds at the Central Bank of Egypt and has extended the maturity of USD 2.3 bn worth of existing deposits, the kingdom\u2019s finance ministry said in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":555062,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,655,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-reserves","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"6b532cba-3a87-42b6-8d2e-68f349483747","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/268.jpg","photo_position":"above","related_issue":[555057],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia has provided Egypt with USD 3 bn to help it overcome the effects of the pandemic and shore up its foreign reserves. The kingdom deposited the new funds at the Central Bank of Egypt and has extended the maturity of USD 2.3 bn worth of existing deposits, the kingdom\u2019s finance ministry said in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-01T03:50:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/268.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves\",\"datePublished\":\"2021-11-01T03:50:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/\"},\"wordCount\":285,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/268.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EnterpriseAM\",\"foreign reserves\",\"Saudi Arabia\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/\",\"name\":\"Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves - 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&quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1521.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577642,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/","url_meta":{"origin":555061,"position":3},"title":"KSA rolls over its USD 5 bn CBE deposit","author":"enterpriseam admin","date":"30 November 2022","format":false,"excerpt":"Saudi Arabia is extending by one year its USD 5 bn deposit at the Central Bank of Egypt (CBE), state-run Saudi Press Agency reports. The kingdom made the deposit in March. The sum forms part of over USD 22 bn pledged in investments and deposits by our GCC neighbors to\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/498.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610022,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/","url_meta":{"origin":555061,"position":4},"title":"Kuwait rolls over USD 4 bn CBE deposit -report","author":"enterpriseam admin","date":"14 November 2023","format":false,"excerpt":"The two-tranche deposit is now set to mature in April and September next year","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/691.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545713,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/","url_meta":{"origin":555061,"position":5},"title":"Reserves dip to USD 37 bn as CBE deployed excess liquidity to \u201ccalm the markets\u201d \u2013statement","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"Egypt\u2019s foreign reserves declined last month for the first time since the early days of the covid pandemic as the conflict in Ukraine rattled the global economy, the central bank said (pdf) last week. Reserves came in at nearly USD 37.1 bn at the end of March from just under\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555061"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555061\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555062"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555061"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555061"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}