Egypt Seeks US$ 2.5 Bln Qatari Deposit At 4.25% Interest Rate: Ramez

The interest rate on the US$ 2.5 billion 18-month Qatari deposit that will be injected to the Central Bank of Egypt is 4.25%, Hisham Ramez, Governor of CBE.

The deposit, which will be invested in treasury bonds, will support the Egyptian economy in the short term, while the long-awaited IMF loan will largely boost the economy as it has an interest rate of only 1%, he elaborated.

Concerning Qatar’s offer to buy US$ 3 billion worth of treasury bonds, Ramez revealed that they have not reached an agreement yet.

He added that Egypt has received US$ 2 billion five-year interest-free loan from Libya which will boost the country’s foreign reserves by the next month.