Qatar Requests Return of $3 billion Deposit from Egypt

Qatar is requesting the return of its $3 billion deposited in the Central Bank of Egypt (CBE), said an Egyptian government official, who spoke on condition of anonymity.

The central bank is prepared to pay the deposit value in two installments in October and November, which may drive the country’s foreign currency reserves down, the official told Almasry Alyoum.

Egypt’s government is currently taking steps, including issuing new legislations and holding negotiations with investors, to avoid any liabilities from arbitration cases.

Egypt’s government is currently taking steps, including issuing new legislations and holding negotiations with investors, to avoid any liabilities from arbitration cases, according to a government official.
The official, who spoke on condition of anonymity, added that Qatar has requested the return of its $3 billion deposited in the Central Bank of Egypt (CBE).