UAE and Kuwait extending deposits reveals confidence in Egypt’s economy

Banking experts said that the UAE and Kuwait’s extension of the deadline for deposits due soon to 2024 and 2026 contributes to supporting cash reserves at the Central Bank of Egypt, and comes in light of the major role played by Arab countries in supporting the Egyptian economy in light of global economic conditions.

Banking expert Ahmed Shawky, stated that the announcement for the renewal of the two deposits is an indication of the strength of confidence in the Egyptian economy.

The cash reserve is a last line of defense, he said, resorted to in times of crises.

Shawky pointed out that before coronavirus pandemic, Egypt’s foreign currency reserve amounted to about $45 billion. During the pandemic, it declined due to the pressures of basic needs to confront coronavirus, he said, but gradually rose again after that.