CAIRO - 8 April 2024: Transactions of the Egyptian economy with the external world resulted in an overall balance of payments (BOP) deficit of $ 409.6 million during the first half (July/December 2023) of FY 2023/2024, compared to an overall surplus of $ 599.1 million in the corresponding period a year earlier, according to the central Bank of Egypt (CBE).
The CBE added in a report that the current account deficit posted $ 9.6 billion, compared to $ 1.8 billion.
It clarified that the account deficit is driven by the rise in the trade deficit by 20.0 percent to register $ 18.7 billion, and by the decline in net unrequited current transfers by 20.2 percent to record $ 9.4 billion, in addition to the retreat in services balance surplus by 15.7 percent to reach only $ 9.2 billion.
On the other hand, the capital and financial account recorded a net inflow of $ 8.4 billion, compared to $ 2.8 billion.
Moreover, foreign direct investment (FDI) in Egypt registered a net inflow of $ 5.5 billion.
The CBE noted that the portfolio investment in Egypt achieved a net inflow of $ 252.8 million, against a net outflow of $ 3 billion.
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