CBE extends maturities of cUSD4bn of Saudi deposits
The Central Bank of Egypt (CBE) extended the maturities of a USD2bn deposit to Saudi Arabia for an additional year after discussions were held last year between the two sides, where the CBE agreed to pay 3% on the deposit for the additional period. Initially, the deposit was placed in 2013 with a five-year term maturing in Jun 2018; this will now mature in Jun 2019. In addition, another USD2bn deposit, originally maturing over three tranches from 2018-20, has been pushed by a year, while maintaining the same interest rate at 2.5%.
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