Egypt Did Not Receive Deposit Withdrawal Request From Qatar –Source

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An official source in the finance ministry said that the ministry did not receive any request from the Qatar to repay withdraw the deposit recieved by Egypt worth $ 3 billion.

The source, who spoke on the condition of anonymity, revealed that the topic was not put for discussion in the ministry of finance, because the ministry was not responsible for these request but the Egyptian Central Bank which manages the country’s foreign reserves and has a set schedule regarding the maturities of deposits, and Gulf’s loan installments.

Egypt’s president Abdel Fatah AlSisi demanded returning of the Qatari deposit fast on two installments during the months of October and November in a meeting the central bank’s governor Hisham Ramez.

A $3 billion was deposited in Egypt’s central bank on August 10, 2012 after the Amir of Qatar declared that his country would deposit $2 billion.

The source said that the bank is ready to repay $500 million on Early October, and another $1 billion is payable on early November.

Egypt’s government owes Qatar a total debt worth nearly $7 billion, borrowed by Hisham Qandil’s government, during the Morsi administration.

Qatar was repaid $3 billion since July until March of the current year composed of a $2 billion deposit and the depreciation of other deposits worth $1 billion.

Source: AlArabiya & Arab Finance