CBE: Balance of Payments Achieves a Surplus of $281.9 Mn At 9M-22:23

In a statement released on its official website yesterday, the Central Bank of Egypt revealed that the Egyptian balance of payments achieved a surplus of $281.9 mn during the period from July to March of the fiscal year 2023/2022.

The transactions of the Egyptian economy with the external world during the period of July/March of the fiscal year 2023/2022 resulted in a significant improvement in the current account deficit by 61.2%, narrowing it to $5.3 bn compared to $13.6 bn during the same period of the previous fiscal year.

This was primarily a result of a 29.8% decline in the trade deficit, which was limited to $23.6 bn, and a doubling of the surplus in the service account to reach $14.5 bn, thanks to a noticeable increase in both tourism revenues and Suez Canal transit fees.

Capital and financial transactions also led to a net inward flow of $8.1 bn, with the net inflow of foreign direct investment into Egypt reaching about $7.9 bn. On the other hand, portfolio investments in Egypt continued to achieve a net outflow of $3.4 bn.

This news highlights Egypt's positive economic performance in its dealings with the global financial landscape, signaling an overall improvement in its balance of payments and attracting foreign direct investment in various sectors of the economy.