Central Bank Governor Hisham Ramez said the annual interest rate which was agreed upon for the deposits of the Gulf states is 2.5 percent.
Egypt has recently received deposits from Saudi Arabia, UAE and Kuwait for a total of $6 billion, increasing the net reserves from US$15.3 billion to $20 billion.
On the sidelines of the annual conference of the Union of Arab Banks, Ramez said that Egypt is committed to fulfil its obligations to foreign creditors without delay, adding that it owes $700 million to the Paris Club countries and must also pay $1 billion for Qatari bonds at the Irish Stock Exchange before the end of this year, in addition to $6 billion in monthly instalments.
Edited translation from Al-Masry Al-Youm
