Saudi Arabia deposits USD2bn in Egypt

14 Oct 2016

(MENAFN) Egypt market surged as local investors welcomed news that KSA had deposited USD2bn in the Egyptian central bank.

Moreover, global Telecom soared 11.6 percent to 5.20 Egyptian pounds, while investment bank EFG Hermes jumped by 4.4 percent.

Accordingly, the deposit had been received in Sep and involved foreign reserves total, which reached USD19.6bn.

The deposit also eased fears that Saudi Arabia might be withdrawing its fiscal support to Egypt.

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