BOP
According to the Central Bank of Egypt’s (CBE) latest release on the country’s Balance of Payments (BoP), Egypt recorded a $9.7 billion surplus in the fiscal year 2023/2024, while the current account deficit expanded, registering at $20.8 billion
The largest surge of inflows, approximately $40.5 billion, was recorded in the second half of the fiscal year, mainly due to the execution of the Ras El Hekma agreement valued at $35 billion
In its latest report on the country’s Balance of Payments (BoP), the Central Bank of Egypt (CBE) highlighted that the overall surplus was largely driven by a substantial performance in the second half of FY2023/2024, where it soared to $10.1 billion
The CBE added in a report that the current account deficit posted $ 9.6 billion, compared to $ 1.8 billion.
According to the statement, the current account during the period from July to the end of last March amounted to about $13.5 billion.
The current account deficit witnessed an improvement of 27.2 percent, compared to the preceding quarter (April/June 2020) to post $ 2.8 billion (against US$ 3.8 billion).
CBE noted in a report that the current account reached a deficit of $11.2 billion, compared to a$10.9 billion in FY 2018/2019 and $6 billion in FY 2017/2018.
The June BOP became $3.3 billion instead of $3.61 billion.
The current account deficit retreated by $ 684.4 million or 13 percent, to register $4.6 billion.
The current account deficit narrowed by $ 629.8 million to $ 1.4 billion (compared to $ 2.0 billion), mainly due to the decline in the non-oil trade deficit and the increase in current transfers.
CBE attributed the surplus to the current account deficit which stabilized at $1.8 billion and the capital and financial account that stood at $1.6 billion.
A bipartisan bill to reform the federal prison system by helping inmates prepare for life after their release and reduce recidivism rates.
Non-petroleum exports hiked 15.9 percent year-on-year in that period to stand at $21.7 billion.
Egypt’s balance of payments (BOP) registered a surplus $11 billion in first three quarters of the current fiscal year, the central bank said Wednesday.
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