Egypt ‘returned $500m deposit to Qatar’
Cairo, December 3, 2013
Egypt returned $500 million to Qatar on Dec. 2 after Qatar refused to renew the deposit it had made with Egypt's central bank upon its maturity, an official at the bank told Reuters on Tuesday.
Qatar was one of the few Arab states to support Egypt during President Mohamed Mursi's one year in office but ties have deteriorated since the army deposed Mursi on July 3 following mass protests against his rule.
Qatar had been a firm backer of Mursi's Muslim Brotherhood and lent or gave Egypt $7.5 billion during the year he was in power.
It is the second such deposit to be returned to Qatar in the past month, according to the official, who declined to be named. Qatar had deposited the funds with the central bank in late 2012.
In September, Egypt returned $2 billion that Qatar had deposited with its central bank, after talks to convert the funds into three-year bonds broke down.
The Arab world's most populous country remains sorely in need of all the foreign currency it can lay its hands on, beset by a collapse in economic growth and confidence in the pound which has sapped around half of its currency reserves.
Saudi Arabia, Kuwait and the United Arab Emirates promised Egypt a combined $12 billion in aid in July. – Reuters
More Government & Laws Stories
- Six army officers killed in Egypt attack
- Bahrain-Taiwan bilateral trade hits $345m
- Bahrain 'loses $2.63m over human error'
- UAE summons Iraq envoy over Saudi comments
- Saudi clarifies no pilgrimage ban on Brotherhood
- Bahraini minister evades municipal council quizzing
- Terrorists' identities in Bahrain exposed
- Arab nations called to fight terror in unity
- Bahrain to fast-tract action against terror suspects
- Alwaleed Foundation backs women in politics
- Saudi 'must name and shame corrupt officials'
- Libya's ousted PM Zeidan on way to Europe
- Bahrain set for big eGovernment forum
- Ministries under fire for 'failing to implement projects'
- Bahrain finance minister to be quizzed over irregularities
- 2 policemen hurt in Eker blast
- Libyan parliament sacks PM after tanker escape
- Saudi sets up panel on labour disputes
- Sand-dredging bill is hit by funding row
- Saudi rejects Maliki's charges on funding militants
- Independent foreign policy non-negotiable: Qatar
- Bahrain to crack down on bogus investments
- Bahrain urged to set up national plan to fight cyber crime
- Galfar ex-CEO gets 15 years' jail over bribes
- New law on family violence on the way in Bahrain
- Four blast suspects are remanded in Bahrain
- Bahrain to step up war on terror
- Norton Rose Fulbright moves London head to Dubai
- DSG ‘ready to implement Smart Dubai Strategy’
- Iraqi women protest new draft law