Egypt receives additional $2 billion from Saudi Arabia

Egypt receives additional $2 billion from Saudi Arabia
Thu Jan 30, 2014 11:37:25

Egypt's Central Bank (CBE) has received more $2 billion from Saudi Arabia, the Egyptian daily Al-Mal has reported.

The funds were mostly used in the exceptional FOREX auction worth $1.5 billion at the beginning of the week, added Al-Mal on Wednesday, quoting an unnamed source.

Official sources at the CBE declined to comment, saying that “Hisham Ramez, head of CBE will soon clarify the issue.”

Foreign reserves held at the CBE were not affected by the auction and will remain current levels of $17.03 billion, Ramez said in a telephone interview with an Egyptian talk show.

By the beginning of 2013, reserves had fallen below what the International Monetary Fund (IMF) considers a safe point for Egypt – about $15 billion.

Last September, Ramez said that Egypt received $7 billion out of the $12 billion pledged by the Persian Gulf countries, adding that he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.

The emir of Abu Dhabi pledged an additional $2 billion including deposits and grants, reported Ahram Arabic in September.

Saudi Arabia hopes the coup in Egypt marks the beginning of the end of the Arab Awakening and a return to stability and autocracy across the Arab world.

Saudi King Abdallah issued a public endorsement of the coup just two hours after General Abd al Fattah al Sisi announced President Mohammad Morsi had been deposed and the constitution suspended.


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