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Saudi Arabia deposits money in Egyptian Central Bank

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Saudi Arabia has deposited $5 billion in the Central Bank of Egypt in recognition of the “deep-rooted relations between the two countries”.

The deposit comes after Egypt sought the support of the International Monetary Fund last week to help cushion the impact of the war in Ukraine on its economy.

Egypt, the most populous Arab country, is facing new economic headwinds after Russia’s invasion of Ukraine, which has prompted foreign investors to flee emerging markets and disrupted the global supply chain.

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Source
The National News

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