Egypt to pay back US$500 mn to Qatar in October

Central Bank of Egypt (CBE) Governor Hesham Ramez said Qatar has US$500 million in Egypt that will be paid back in October.

In a phone call with Sada al-Balad TV, Ramez said that Egypt will pay for all the requirements without being economically affected.

The government paid back US$3.5 billion before without being affected, he added. "$750 million were paid in June to Paris Club and incoming foreign currency is growing," 

Speaking on condition of anonymity, a governmental source told Al-Masry Al-Youm on Sunday that Qatar requested its deposit at CBE. The source added that CBE was ready to pay the amount back in two installments in October and November, which could cause a decline in the foreign cash reserve that stood at US$16 billion.

Qatar, the biggest financial supporter of Egypt upon the election of toppled President Mohamed Morsy in 2012, officially rejected Morsy's ouster by the military, led by the then-defense minister Abdel Fattah al-Sisi and supported by mass protests against his rule.

Edited translation from MENA

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