The Central Bank of Egypt revealed that Egypt’s current account deficit in the first nine months of the 2020-2021 fiscal year reached approximately $13.3 billion, compared to $7.3 billion a year ago, repseneting an increase of 82 percent.
According to the Central Bank, remittances from Egyptians working abroad increased by 8.5 percent to $23.4 billion in the first nine months of the 2020-2021 fiscal year. While net foreign direct investment flows to Egypt during that period decreased by 19.3 percent to $4.8 billion. Tourism revenue fell to $3.1 billion from $9.6 billion during that period.
The Central Bank of Egypt indicates that the banking sector has incurred more than 4.7 billion pounds, as a result of the precautionary decisions issued to confront the repercussions of the Corona pandemic. The banking sector has also incurred about 3.5 billion pounds since the start of the implementation of exemptions decisions at the beginning of the outbreak of the Coronavirus last year. In addition to an additional cost in the range of 1.2 billion pounds, which will be borne by the sector as a result of extending the work of these exemptions until December 31, 2021. Noting that the measures aim to provide more facilitation to citizens and encourage them to continue to turn to electronic payment methods and channels, in order to support the state’s orientation towards transformation for a society less dependent on banknotes.
Source (Al-Arabiya.net Website, Edited)
