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.
- Is Islamic finance the sustainable banking model the banking world has been looking for?
- Less is more? In ironic twist, UAE's low income earners found to be saving more
- Egypt has a secret 'Swiss' bank, except everyone knows about it
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?