Egypt gets Gulf help again as eyes turn to currency flexibility | Reuters
Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts watch for greater exchange rate flexibility to avert future crises.
The central bank allowed Egypt's pound, which had been stable since November 2020, to drop by 14% against the dollar on March 21 after Russia's invasion of Ukraine prompted investors to withdraw billions of dollars from Egyptian treasury markets. read more
Last week Saudi Arabia said it had deposited $5 billion with Egypt's central bank and would make additional investments that could bring as much $10 billion in foreign currency into Egypt. read more
Qatar has pledged investment deals worth $5 billion, Egypt's cabinet said, and details on the purchase of stakes worth a reported $2 billion by Abu Dhabi sovereign fund ADQ are expected soon. read more
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