Egyptian Remittance, Tourism Revenues Stepped Up While Suez’s Shrank: CBE

By Administrator On Jun 19, 2013

Latest report of the Central Bank of Egypt (CBE) revealed that tourism came in at US$ 8.1 billion revenues, up from US$ 7.1 billion in the first 9 months of the current fiscal year.

Egyptian remittance posted an increase of US$ 1 billion to reach US$ 13.9 billion in the first 9 months of the current fiscal year, compared to US$ 12.9 billion during the corresponding time last fiscal year.

The net inflows of the capital and financial account surged up to US$ 4.3 billion, compared to net outflows of US$ 2.7 billion in the corresponding time last year.

The merchandise exports increased by 3.7% to came in at US$ 19.8 billion within 9 months, up from US$ 19.1 billion at the same time last fiscal year. However, merchandise imports’ payments stood unchanged at US$ 43.6 billion.

The volume of the foreign direct investment (FDI) reached $ 200 million throughout the period from June to March; recording $ 1.4 billion by the end of March 2013 as total volume of FDI, compared to $ 1.2 billion at the same period of the previous fiscal year.

This came as an outcome for shrinking the net outflows of investments in petroleum sector to $ 607.5 million.

On the other hand, the capital and financial account during June-March period revealed the decline of net outflows of investments in portfolio securities in Egypt to $ 790.9 million, against new outflows of $ 4.6 billion during the same period of the last fiscal year, due to foreigners’ selling for treasury bills, which amounted to $ 14.7 million.

The External Position of the Egyptian Economy Report during the first 9 months of the current fiscal year resulted in declining Egypt’s balance of payment deficit, as it fell to US$ 2.1, compared to overall deficit of US$ 11.2 billion in the corresponding time last FY.

The CBE’s report illustrated that the trade deficit declined by 2.7% to reach US$ 23.8 billion during the period from July to March 2012/2013, compared to US$ 24.5 billion in the corresponding time of 2011/2012 FY.

CBE’s report unveiled that Suez Canal receipts declined by 3.9% to US$ 3.8 billion during the period from July to March 2012/2013, compared to US$ 3.9 billion in the corresponding time in the previous FY.