UAE extends maturity of $658 mln deposit to August 2027: CBE

UAE has extended the maturity of the remaining $658.5 million out of its $1 billion deposit it made with Egypt’s central bank (CBE) to August 2027 instead of August 2022.

According to CBE’s external situation of the Egyptian economy, the UAE has five medium and long-term deposits totalling $5.658 billion. The first deposit amounts to $1 billion due to be paid in July 2026, while the second is worth $1 billion and also due in July 2023. The third deposit is worth $2 billion to be paid back in three tranches. The first tranche is due in April 2023, the second tranche in April 2024, and the third in April 2025. For the fourth deposit, it amounts to $ billion due in three instalments due in May 2024, May 2025, and May 2026, respectively. The fifth deposit amounts to $1 billion, of which $658.2 million was due in August 2022 and has been extended to August 2027.