Egypt agrees to structure UAE deposits

The Central Bank of Egypt (CBE) reached an agreement on the structure of UAE deposits worth $ 4 billion, received in 2013 and 2015, according to sources. The sources pointed out that negotiations with the Gulf State have resulted in an agreement to increase the maturities of two depositories: the first with a value of $ 2 billion received by the central bank in July 2013 for 5 years ( without interest), due in July.

The governor of the Central Bank, Tariq Amer, announced last November that he would seek to defer $ 5.3 billion in Saudi and UAE deposits during the second half of 2018, without giving details. The central bank has agreed with the UAE to defer payment of this deposit on two interest brackets related to each tranche, the first $ 1 billion, with a maturity of 3 years, to be repaid mid-July 2021, against an annual yield of 3%, While the second tranche is 5 years, until July 2023, the yield on them increases to 3.5% per annum.

The second structured deposit of US $ 2 billion was also provided by the UAE at the end of April 2015 at a fixed rate of 2.5% per annum and was repayable in 3 equal installments of 666, US $ 67 million from 2018 to 2020.

On the postponement of the maturity of the first tranche of the second deposit of $ 666.67 million until April 2021 instead of April 2018, in return for a rise in the interest rate of 100 basis points to 3.5% and maintaining the maturity of the other two in 2019 and 2020 at an annual rate of 2.5.

The current balance of United Arab Emirates deposits with the Central Bank of Egypt is currently $ 5.9 billion, with maturities up to the second half of 2023. [19659003] In the same context, sources said that the total external debt in the second half of the $ 6.3 billion, of which $ 2.8 billion is the value of the currency swap with China to be renewed in December .