Egypt’s balance of payments reaches $1.5bn surplus in H2 2020: CBE
Egypt’s balance of payments (BOP) recorded an overall surplus of $1.5bn in H2 of 2020, compared to a deficit of $9bn in the previous half a recent data from the Central Bank of Egypt showed.
This also compared to the surplus of $410.9m in the corresponding period of July to December of the previous fiscal year (FY) 2019/20.
Egypt’s overseas transactions during the second half (H2) of 2020 demonstrated the country’s resilience and ability to weather the shock caused by the novel coronavirus (COVID-19) pandemic.
Net inflows channelled into the capital and financial account increased by 75.2 percent to $9.2bn, against $5.2bn in the corresponding period.
This reflects the noticeable improvement in foreign portfolio investment in Egypt, due to the easing in global financial conditions. It also reflects the confidence of foreign investors in the Egyptian economy despite the ongoing global uncertainty caused by the COVID-19 pandemic.