Egypt’s Central Bank receives 3rd tranche of Qatar’s $2 billion deposit

The Central Bank of Egypt (CBE) has received the third tranche – worth $500 million – of a promised $2 billion deposit from Qatar; state-run news agency MENA reported on Sunday citing finance minister Momtaz El-Said.

According to the minister, Qatar will send the last tranche soon.

In August, Emir of Qatar Hamad Bin Khalifa Al-Thani met with Egyptian President Mohamed Morsi in Cairo to discuss means of enhancing cooperation between the two countries.

Following the meeting, Bin Khalifa ordered that $2 billion be deposited at the CBE, which received the second tranche last month.

Bolstered by the Qatari deposit, Egypt’s foreign currency reserves have risen by $441 million in October to reach $15.484 billion, up from $15.043 billion at the end of September.

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