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Qatar to convert $2bn CBE deposit into bonds

Governor of the Qatari central bank, Hesham Ramez has said the government has agreed to convert the $2bn it had deposited in the Central Bank of Egypt (CBE) into bonds, Ahram has reported. The funds would be converted into bonds within one week, said Ramez. Last May, Egypt converted $2.5bn of the Qatari loans into 18-month bonds at 4.25% interest, and on 1 July it converted another $1bn into three-year bonds at 3.5% interest. The bonds were listed on the Irish stock exchange.