Libya to Deposit $2bn with Egyptian Central Bank

The Libyan ambassador to Cairo, Mohamed Fayez Jibril [Jebril], has said his country is about to deposit $2 billion with the Egyptian central bank.

The timing suggested a possible quid pro quo, coming days after Egypt decided to extradite a number of Libyans, including Ahmed Qadhaf al-Dam, a cousin of Muammar Qaddafi who had been living openly in Cairo.

The deposit allows Egypt to temporarily boost its currency supply after its reserves fell below $15 billion, from a previous amount of $36 billion before the revolution; negotiations with the International Monetary Fund (IMF) over a $4.8 billion loan had stalled.

(Source: New York Times, Libya Herald, Al Arabiya)


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