Egypt’s BoP surplus hit $9.7b in FY23/24
Egypt posted a balance of payments (BoP) surplus of $9.7 billion during the fiscal year 2023/2024, the Central Bank of Egypt (CBE) said in a report on Tuesday.
The CBE report showed that the overall surplus was mainly concentrated in the second half of the year through January to June 2024, recording $10.1 billion on the back of Egypt’s structural reforms implemented on March 6th, 2024.
These reforms led to a substantial net inflow of $29.9 billion in the capital and financial account, largely fueled by a record-breaking $46.1 billion in foreign direct investment (FDI) during the same period.
Portfolio investments in Egypt shifted to a net inflow of $14.5 billion.
However, the country’s current account deficit widened to register $20.8 billion, primarily due to the increase in trade deficit by 27.0 per cent and the fall in Suez Canal transit receipts by 24.3 per cent.
Attribution: The CBE
