Remittances from Egyptians abroad record $12 bn during H1- 2022/2023

The Central Bank of Egypt revealed in its latest report, on its official website today , about the performance of the balance of payments, that remittances from Egyptians working abroad amounted to $12 bn during the first half of the fiscal year 2022/23, compared to $15.6 bn during the same period of the previous year.

The Egyptian economy's transactions with the outside world during the first half of the fiscal year 2022/2023 resulted in an improvement in the current account deficit at a rate of 77.2%, to record about $1.8 bn, compared to about $7.8 bn during the same period of the previous fiscal year.

Capital and financial transactions account also achieved a net inflow of about $2.8 bn, as the net inflow of foreign direct investment in Egypt increased to about $5.7 bn.

On the other hand, investments in  securities portfolio in Egypt witnessed a net outflow of about $3 bn. Previous developments during the July/December 2022 period resulted in a total surplus in Balance of Payments reached $599.1 mn.