Egypt’s balance of payment records surplus of $410.9M in H1 of 2019/20

Egypt’s balance of Payment (BOP) registered a surplus of $410.9 million in the first half of fiscal year 2019/2020, in comparison to  to a deficit of $1.8 billion in the same period a year earlier, the Central Bank of Egypt (CBE) said.

CBE clarified Monday that the current account deficit retreated by $ 684.4 million or 13 percent, to register $4.6 billion, compared to $5.3 billion, driven mainly by the decline in non-oil trade deficit, and the rise in unrequited current transfers.

“However, the reversal of the oil trade balance from a surplus to a deficit; the fall in the services surplus, and the rise in investment income deficit have limited the improvement seen in the current account deficit,” it added.