Data released by the Central Bank of Egypt showed that net foreign reserves rose to 40.101 billion dollars in January from 40.063 billion in December.
In parallel, the IHS markit group revealed improved future activity prospects in January to the highest level in 6 months, reflecting hopes for improved working conditions during the current year with the introduction of Coronavirus vaccines locally and around the world.
The Egyptian Central Bank had revealed that the deficit in current transactions had increased to $ 2.8 billion in the quarter from July to September, from $ 1.4 billion in the same period in 2019, after the Coronavirus pandemic led to a collapse in Tourism revenues, and a decline in investment in oil and gas.
On the other hand, the Central Bank revealed an improvement in current transactions in the balance of payments in the level of deficit by 27.2 percent compared to the immediate previous quarter (April / June 2020), reaching about $ 2.8 billion (compared to about $ 3.8 billion). While it doubled compared to the corresponding quarter (July / September 2019), which recorded a deficit limited to about $ 1.4 billion), due to the shock to the tourism sector, whose revenues were limited to about $ 0.8 billion (compared to about $ 4.2 billion).
Source (Al-Arabiya.net, Edited)
