CBE: Balance of payment realizes total surplus of $311.4M in Q1 of current fiscal year

CAIRO - 2 February 2022: The Central Bank of Egypt (CBE) said the balance of payments realized 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 last year.

In a report issued on Wednesday, the CBE noted that the Egyptian economy is capable of bearing the repercussions of the coronavirus pandemic which cast its shadow on the international economy.

The deficit of the non-petroleum trade balance rose to 26.1 percent to stand at $ 11 billion against $ 7.8 billion in the same period last year.

Tourism revenues witnessed a rise by $ 2 billion to stand at $ 2.8 billion.

The net income flow reached $ 6 billion against $ 3.9 billion in the first quarter of last fiscal year.

Remittances of Egyptians abroad rose by 1.5 percent to register $ 8.1 billion.

The net foreign direct investments increased by 3.7 percent during the period to register $ 1.66 billion.