Egypt’s BoP records surplus of $1.9bln in FY 2020-2021: Cabinet

MENA , Tuesday 19 Oct 2021

Egypt’s balance of payments recorded a total surplus of $1.9 billion in fiscal year 2020-2021 due to a surge in the net inflow into the capital and financial account which registered $23.4 billion in 2020/2021 against $5.4 billion recorded in 2019/2020, the cabinet Information and Decision Support Center (IDSC) said in an infographic published on Tuesday.

(Photo: Mearsk line official Facebook page)

This is attributed to achieving a net inflow in Egypt's investment portfolio by $18.7 billion in addition to a slight increase seen in the foreign direct investment (FDI) in non-oil sectors by $70.2 million, showed the infographic.
Positive factors that helped mitigate the aggravation of the current account deficit include an increase in expats’ remittances that hit $31.4 billion in 2020/2021, recording a growth rate of 13.2% compared to FY 2020/2019 in addition to a decrease in the oil trade balance deficit which recorded $6.7 million in 2020/2021, according to the infographic. 

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