Egypt’s current account deficit at $5.3bln in July-March 2022/23 – CBE

Egypt’s current account deficit shrunk to $5.3 billion in July-March of the fiscal year 2022/23 compared to $13.6 billion the year before, said the Central Bank of Egypt (CBE) on Tuesday.

The drop in the account deficit came due to the increasing revenues of tourism and the Suez Canal, the central bank added.

Tourism revenues accounted for around $10.3 billion and Suez Canal revenues reached $6.2 billion.

Moreover, the country’s net foreign direct investment inflows totalled $7.9 billion, up from $7.3 billion during the same period last year, the bank added.

Remittances from Egyptian workers abroad decreased by 26.1 percent and reached $17.5 billion, down from $23.6 billion last fiscal year.

According to the CBE, for the first time in years, Egypt’s current account showed a surplus in the October-to-December quarter of FY 2022/23, which ended in June. The bank also stated that imports dropped and exports rose.