Egypt’s Current Account Deficit Shrinks to $2.4 bln on Foreign Transfers

Egypt’s 2013-14 current account deficit shrank dramatically to $2.4 billion in the 2013-14 fiscal year from $6.4 billion the previous year, boosted by billions of dollars in foreign transfers, the central bank said on Thursday.

Arab Gulf countries have supported Egypt with aid worth billions of dollars in the form of financial support and oil products since former army chief Abdel Fattah al-Sisi deposed Islamist President Mohamed Morsi after mass protests last July.

The 2013-14 fiscal year ended at the end of June.

Source: Reuters