Saudi Deposit Promotes Stability of Egypt’s Foreign Exchange Market

Saudi Deposit Promotes Stability of Egypt’s Foreign Exchange Market

With Saudi Arabia’s announcement of a $5 billion deposit with the Central Bank of Egypt on Wednesday, sources told Asharq Al-Awsat that this move would enhance the stability of the foreign exchange market and consolidate the Egyptian economy amid severe pressure on the Egyptian pound.

In a statement published by the Saudi Press Agency (SPA), Riyadh said that the deposit comes as “an extension of the well-established historical ties and close bonds of cooperation between the Kingdom of Saudi Arabia and the sisterly Arab Republic of Egypt, and an affirmation of the depth of the deep-rooted relations.”

The SPA added that the Kingdom - in implementation of the directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman - deposited $5 billion with the Central Bank of Egypt, confirming the distinguished bilateral ties at all levels.

Meanwhile, Egyptian Prime Minister Mostafa Madbouly held a meeting on Wednesday with Dr. Essam bin Saeed, Saudi Minister of State for Shura Council Affairs, and his accompanying delegation.

The Cabinet said in a statement that the governments of Egypt and Saudi Arabia had signed an agreement for the Saudi Public Investment Fund to invest in Egypt.

According to the statement, the