Egypt C. Bank: Overall BOP Deficit Fell to US$2.1 Bln

The External Position of the Egyptian Economy Report conducted by the Central Bank of Egypt (CBE) has revealed a decline in the country’s overall deficit of the balance of payment (BOP) during July/March of FY 2012/2013.

Egypt has managed to diminish its overall BOP deficit during July/March of FY 2012/2013 to US$ 2.1 billion, compared to US$ 11.2 billion reported during July/March FY 2011/2012.

In this context, the current account deficit drew back to nearly US$ 3.9 billion from US$ 7.1 billion.

According to the CBE report, the decline in the overall BOD deficit was attributed mainly to the narrowing of trade deficit by US$ 0.7 billion during July/March of FY 2012/2013.