Inflows of Egypt’s dollar main six sources double to $24.9B in Q1 of FY 2017/18

CAIRO – 12 December 2017: Dollar inflows from Egypt’s six main sources of the American currency doubled during the first three months of current fiscal year (FY) 2017/18) to $24.9 billion from $12.7 billion during the same period of FY 2016/17, official data issued by Central Bank of Egypt (CBE) on Sunday.

The jump in dollar inflows resulted in increasing total surplus in the country payments balance to $5.1 billion during first quarter Q1 of FY2017/18 against $1.9 billion in the same period of previous FY.

Egypt Today details the figures of Q1 of the current FY hike comparing to Q1 of FY 2016/18; dollars has flowed from investing in securities reached $7.5 billion in Q1 of FY 2017/18 comparing to $841 million during Q1 of past FY.

Remittances of Q1 FY 2017/18 hit $6 billion against $4.4 billion the previous FY. Exports increased reaching $5.8 billion from $5.3 billion last FY.

Tourism also climbed up to $2.7 billion from $758 million during first three months of FY 2016/17. Moreover, the FDI’s, which is the only one among the main six sources decreased to $1.6 billion down from $1.9 billion of Q1 of past FY.

The Suez Canal revenues reached $1.4 billion from $1.4 billion.