Egypt eyes Iraq for a $4 billion cash boost
Egypt’s minister of planning and international cooperation, Ashraf El-Arabi, headed to Baghdad to ask the Iraqi government to feed Egypt's foreign currency reserves with a $4 billion deposit in the Central Bank of Egypt (CBE), Ahram’s Arabic news website reported on Monday.
Oil-rich gulf country Qatar had deposited roughly $4 billion in the CBE over the past two years to bolster Egypt's dwindling foreign currency reserves.
The country's foreign currency reserves currently stand at a critical low level of $13.5 billion, down from $36 billion a little more than two years ago.
Sources that requested anonymity told Ahram that the deputy head of the CBE and several Egyptian bankers are part of the delegation that has flown to Iraq.
Meanwhile, a Libyan official on Monday denied that Egypt would receive $2 billion deposit from the Libyan government.
- Taming the monster: UAE regulator to tighten supervision of financial markets over Arabtec's debacle
- Banking in the time of Ramadan: reconciling contemplation with profit-making
- Attempting to go mainstream? how Islamic banks are ditching the 'Islam' label in order to go global
- How Sukuks are proving a viable financing option for Saudi Arabia
- To jump on the bandwagon or not to jump: all about owning a credit card in Egypt