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Saudi Arabia extends term for $5 billion Egypt central bank deposit

RIYADH, 30 November 2022, (TON): Saudi Press Agency reported “Saudi Arabia extended the term for a $5 billion deposit the Kingdom made to Egypt’s central bank.”

The extension comes at the directive of King Salman and Crown Prince Mohammed bin Salman and aims to enhance economic stability in Egypt.

There is continuous communication between authorities in the two countries in order to enhance coordination, especially with regard to pumping numerous investments in foreign currencies into the Egyptian market in addition to Saudi deposits.

It is hoped that these investments will contribute to opening new funding channels with regional and international organizations.

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