Saudi Arabia extends term for deposit to Egypt’s central bank

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Saudi Arabia has extended the term for a $5 billion deposit it had made to Egypt’s central bank, the Saudi Press Agency said on Tuesday.

Saudi Arabia deposited $5 billion in Egypt’s central bank in March as the Egyptian economy faces new economic pressures as a result of the war in Ukraine.

On March 21, Egypt devalued its currency by around 14 percent after investors had pulled billions of dollars out of Egyptian treasury markets.

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