Egypt balance of payments gap widens to $11.3bn

Ahram Online, Monday 10 Sep 2012

BOP deficit edges up a further $1.5bn in 2011/12 financial year, influenced by downturns in tourism and foreign investment

Egypt balance of payments
(Photo: Reuters)

Egypt's balance of payments deficit widened to $11.3 billion in the 2011/12 financial year which ended in June, up from $9.8 billion the year before, preliminary figures from the country's central bank showed on Monday.

The country saw an exodus of foreign investors after a popular uprising led to the resignation of president Hosni Mubarak in February 2011 and income from tourism saw a sharp decline.

Egypt's current account deficit grew to $7.9 billion from $6.1 billion in 2010/11, central bank figures showed. The deficit swelled from $27.1 billion to $31.7 billion over the same period.
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