The Central Bank of Egypt revealed that the capital and financial account of the Egyptian balance of payments had achieved a net inflow of about $5.4 billion, despite the Coronavirus crisis, which was strongly reflected on the behavior and movements of capital around the world, and this led to huge financial flows out from the global financial markets.
According to the Central Bank, the achieved influx helped alleviate the overall deficit in the balance of payments to be limited to about $8.6 billion, and it also contributed to building foreign exchange reserves in excess of international standards in containing this deficit.
The Central Bank noted that the Egyptian economy was able to absorb the impact of the global financial shock arising from the emerging Coronavirus crisis, as the current transactions of the Egyptian economy with the outside world witnessed stability in the level of deficit in the current account during the fiscal year 2019/2020, which saw the second half of the repercussions of the negative impact of the spread of the Corona pandemic, reaching about $11.2 billion, a slight increase from the deficit level achieved during the fiscal year 2018/2019, which recorded about $10.9 billion.
Source (Al Khaleej Newspaper-UAE, Edited)
