CAIRO - 7 August 2022: Egypt’s balance of payments (BoP) recorded a total deficit during the first nine months of the last fiscal year 2021/2022 of $7.3 billion, compared to a surplus of $1.79 billion during the same period of the fiscal year 2020/2021.
The Central Bank of Egypt (CBE), in a statement on the performance of the balance of payments during the period from July 2021 until the end of March 2022, stated that the deficit during the nine months was recorded almost completely during the period from January to March 2022.
According to the statement, the current account during the period from July to the end of last March amounted to about $13.5 billion.
Egypt's merchandise trade balance deficit also increased by $3 billion as a result of the increase in payments on commodity imports (oil and non-oil) by $14.9 billion compared to the preceding period of the prior fiscal year.
“This is a reflection of what the world is witnessing at the present time from unprecedented inflationary waves as a result of the return of economic activity to the sectors that were closed due to the Coronavirus pandemic and the negative effects of the Russian-Ukrainian crisis in conjunction with the sanctions imposed by the West on Russia, which contributed to the unprecedented rise in energy and the basic commodity prices,” the CBE commented.
In February, the CBE said the balance of payments achieved a total surplus of $ 311.4 million in the first quarter of the current fiscal year 2021-2022 against a deficit of $ 69.2 million in the corresponding period of the previous year.