Saudi is giving how much aid funding to Egypt?!?!
Egypt's Central Bank (CBE) received $2 billion from Saudi Arabia, the Egyptian daily Al Mal reported on Wednesday. The funds were mostly used in the exceptional FOREX auction worth $1.5 billion at the beginning of the week, added Al Mal, quoting an unnamed source.
Official sources at the CBE declined to comment, saying that “Hisham Ramez, head of CBE will soon clarify the issue.”
Foreign reserves held at the CBE were not affected by the auction and will remain current levels of $17.03 billion, Ramez said in a telephone interview with an Egyptian talk show.
By the beginning of 2013, reserves had fallen below what the IMF considers a safe point for Egypt – about $15 billion.
Last September, Ramez said that Egypt received $7 billion out of the $12 billion pledged by Gulf countries, adding that he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.
The emir of Abu Dhabi pledged an additional $2 billion including deposits and grants, reported Ahram Arabic in September.
- Why is the Israeli shekel so weak?
- What doesn't kill you, makes your stronger: why the Arab Bank is likely to emerge from the Israeli lawsuit 'unscathed with flying colors'
- Too foreign? An inside look into the struggles of foreign banks in Saudi Arabia
- A clash of civilizations: are foreigners newly entering the Saudi stock market about to face a culture shock?
- From tweets to public outrage: understanding Turkey's bitterness towards credit rating agencies
- Benevolent Qatar to convert $2 billion Egyptian loan into bonds
- Egypt's foreign reserves increase for second consecutive month
- Unpopular Egyptian central bank decision increases yields on treasury bills
- Central Bank of Egypt Governor: Market can recover
- Saudi signs $5 billion aid deal to boost Egyptian economy