The Central Bank of Egypt revealed an improvement in the current account deficit in Egypt during the fiscal year 2021-2022, as it decreased by 10.2 percent to record about $16.6 billion, compared to $18.4 billion during the previous fiscal year.
The Central Bank of Egypt attributed this improvement to the unprecedented increase in merchandise exports (petroleum and non-oil), which rose by 53.1%.
According to the Central Bank of Egypt, tourism revenues rose to 2.56 billion dollars from 1.75 billion dollars a year ago, with the travel movement recovering from the consequences of the Corona pandemic, despite the sharp decline in the number of Russian and Ukrainian tourists after the outbreak of the Russian war in Ukraine. Remittances from Egyptians working abroad also recorded an increase to 8.28 billion dollars in the period from April to June, from 8.05 billion dollars a year ago. Revenues from the Suez Canal rose to $1.91 billion from $1.56 billion.
According to the CBE, net foreign direct investment flows to Egypt rose to $1.59 billion from $427.2 million a year ago, partly due to the sale of state-owned assets to Gulf investment funds.
Source (Al-Arabiya.net Website, Edited)
