CBE: Balance of Payments achieves a surplus of $4.1 bn during 9M of 2023/2024

Central Bank of Egypt revealed that the transactions of the Egyptian economy with the external world recorded an increase in the overall Balance of Payments surplus to register $ 4.1 bn, as the period January/March 2024 witnessed an overall surplus of $ 4.5 bn, on the back of the corrective measures taken on the 6th of March 2024.

These measures reflected positively on the capital and financial account which recorded a net inflow of $ 20.0 bn in July/March 2023/2024, which was attributed to an unprecedented hike in net FDI to hit $ 23.7 bn compared to $18.2 bn was achieved in the period of January/March 2024), and the shift in portfolio investments in Egypt to a net inflow of $ 14.6 bn (mainly in January/March 2024).

On the other hand, the current account deficit widened to record $ 17.1 bn against $ 5.3 bn.