Egypt to Repay $2.5bn Qatari Deposit at End-Nov –C.bank Source

Egypt will repay a $2.5 billion deposit to Qatar at the end of November, bringing to $6 billion the deposits it has returned to the Gulf Arab gas exporter since last year’s ouster of Islamist President Mohamed Morsi, a central bank source said on Thursday.

Egypt has one Qatari deposit of $500 million outstanding, which is due to be repaid in the second half of 2015, the source told Reuters.

“Qatar made a formal request in the last few days for the return of an outstanding deposit of $2.5 billion and the central bank will return the deposit at the end of November,” the source said, speaking on condition of anonymity.

Egypt’s relations with Qatar soured last year after the army ousted Morsi, a member of the Muslim Brotherhood, following days of mass protests against his rule. Qatar had supported Morsi’s government with billions of dollars in deposits, grants and energy supplies during his year in power.

Source: Reuters