Central Bank of Egypt returns $1bn to Qatar, ends with debt
Monday, 04 July 2016 16:52
On July 1, the Central Bank of Egypt said it paid Qatar back the billion dollars which was provided as deposits, during the term of Mohamed Morsi.
According to the official Egyptian press agency, MENA, Egypt thus reimbursed all it owes the rich monarchy which supports the Muslim Brotherhood, which Morsi belonged to.
During Morsi’s term (June 2012- July 2013), Qatar granted the Central Bank of Egypt $7.5 billion dollars in the form of loans and deposits.
These loans and deposits were mainly used to consolidate the Bank’s currency reserves that dropped significantly since the popular uprising against Hosni Mubarak in 2011.
Since President Morsi was removed by the army in July 2013, relations between Cairo and Doha have deteriorated considerably.
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