Home MoneyBanks Egypt’s balance of payments moves into surplus in H1-FY2022/2023: CBE

Egypt’s balance of payments moves into surplus in H1-FY2022/2023: CBE

by Amwal Al Ghad English
Egypt's central bank

Egypt’s balance of payments swung sharply into surplus driven by improvement in current account deficit and surge in portfolio investments in the first half of the financial year 2022/2023, the central bank said on Wednesday.

The balance of payments surplus for the period from July 2022 until December 2022 recorded an overall surplus of $599.1 million.

During the first half of the 2022/2023 year, Egypt’s transactions with the external world witnessed an improvement in the current account deficit by 77.2 percent to $1.8 billion, compared to $7.8 billion in the same period of the previous financial year.

“This was largely attributed to the decline in the trade deficit by US$6.2 billion or 28.4 percent to reach US$15.5 billion. In addition, the services surplus doubled, driven by the increase in both tourism revenues and Suez Canal receipts.” the central bank further explained in a statement.

“Moreover, the capital and financial account recorded a net inflow of US$2.8 billion as the net inflows of FDI in Egypt rose to US$5.7 billion. On the other hand, portfolio investments in Egypt realized a net outflow of US$3.0 billion. As a result, the BoP recorded an overall surplus of US$ 599.1 million in July/Dec. 2022.”

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