The Banking Executive Magazine - August Issue 2022

Arab Countries Arab Countries’ DEPOSITS AT CENTRAL BANK OF EGYPT HIT $13BLN END-MARCH Deposits of Arab countries at the Central Bank of Egypt (CBE) reached $13 billion at the end of March 2022, according to the CBE’s Exter- nal Position report. UAE and Saudi Arabia deposited $5 billion each, while Qatar placed $3 billion. Moreover, $2.8 billion were de- posited at the CBE under the cur- rency swap agreement with the Peo- ple's Bank of China. The CBE’s data showed that short- term debt soared by around $12.7 million to $26.4 billion at the end of March. The ratio of short-term debt to net in- ternational reserves soared to 71.3% in March 2022 from 33.8% at the end of June 2021. It is worth noting that Egypt’s total debt service surged 105.76% year- on-year (YoY) during the third quarter (Q3) of the fiscal year (FY) 2021/2022, recording $6.292 bil- lion. ISSUE 164 AUGUST 2022 the BANKING EXECUTIVE 27