Kuwait extends maturity of $2bn deposit at CBE to September 2023

Hossam Mounir
2 Min Read

The Central Bank of Egypt (CBE) announced Saturday that the maturity of a Kuwaiti deposit of $2bn at the bank was extended until September 2023 instead of September 2022, and the maturity of the remaining $658.5m from an Emirati deposit of $1bn, was also extended to August 2027 instead of August 2022.

The report on the external situation of the Egyptian economy revealed that Kuwait had two deposits at the Central Bank of Egypt, worth $4bn, in two tranches. The first was extended until September 2023, while the second is supposed to be due in April 2023.

The UAE also has 5 medium and long-term deposits with a total value of $5.658bn, the value of the first deposit amounting to $1bn due to be paid in July 2026, the second with a value of $1bn also due in July 2023, and the third with a value of $2bn to be paid in 3 tranches. The first tranche is due in April 2023, the second tranche in April 2024, and the third in April 2025, while the value of the fourth deposit amounts to $1bn, due in 3 instalments due in May 2024, May 2025, and May 2026, while the value of the fifth deposit amounts to $1bn, of which $658.2m was due in August 2022 and has been extended to August 2027.

The Central Bank of Egypt revealed that the volume of external debt owed by Egypt decreased to $154.980bn at the end of the first quarter of the 2022/2023 fiscal year, compared to $155.708bn at the end of the last quarter of 2021/2022, a decrease of about $728m.

The central clarified that the volume of long-term external debt recorded $127.572bn at the end of September 2022, compared to $129.089bn at the end of June 2022, a decrease of $1.517bn, while the volume of short-term debt reached $27.408bn, compared to $26.619bn, an increase of $789m.

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