Last Update 23:23
Tuesday, 15 October 2019

Egypt current account deficit narrows as tourism rises

Reuters , Thursday 28 Jun 2018
Egypt Cbe
Egypt Central Bank (Reuters)
Views: 9269
Views: 9269
Egypt’s current account deficit for the third quarter of the 2017-18 fiscal year narrowed to $1.93 billion from $3.1 billion a year earlier as tourism revenues improved, data from the central bank and Reuters calculations showed on Thursday.
Egypt has been trying to tighten its finances and draw back investors, using economic reforms tied to three-year $12 billion IMF loan programme it began in late 2016.
The country’s fiscal year runs from July through June.
The data showed that tourism revenues rose to $2.27 billion in the quarter, which runs from January through March, from $1.256 billion in the same quarter a year ago. Expatriate remittances increased to $6.46 billion from $5.78 billion.
Net foreign direct investment inflows declined to $2.26 billion in the quarter from $2.28 billion.
The trade deficit improved, dropping to $9.26 billion from $9.35 billion.
Suez Canal revenues edged up to $1.39 billion in the quarter from $1.20 billion a year ago.
The overall balance of payments improved, hitting a surplus of $5.38 billion for the quarter versus $3.97 billion last year.
Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.