Egypt monthly Suez Canal revenues down from March 2012

Ahram Online, Saturday 20 Apr 2013

Figures reveal that a major source of foreign currency revenue earned Egypt 12.3 percent less in March than previous year

Egypt received $398.5 million in revenues from the Suez Canal in March, according to a Suez Canal Authority statement issued Saturday.

Though this figure surpasses the previous month's revenues, which totaled $375.3 million in February, it represents a 12.3 percent drop compared to revenues in March 2012, which reached $428 million.

The artificial waterway, which connects the Mediterranean and Red Sea, is one of the country's main sources of foreign currency revenue, along with tourism, oil and gas exports, and remittances from Egyptian expatriates. 

Egypt's forex reserves, in decline since the January 2011 revolution, have reached a critical $13.4 billion, less than is required to cover three months of vital imports. 

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