Egypt’s FX revenues fall 24% in 2022-2023

Egypt’s foreign exchange revenues dropped to $121.9 billion in 2022-2023, 24 per cent from $160.5 billion in 2021-2022, according to data published by the Central Agency for Public Mobilisation and Statistics (CAPMAS).

The decline was mainly due to lower government revenues of $2.4 billion in 2022-2023, the report said.

Foreign exchange payments amounted to $135 billion in 2022-2023, a 27.1 decrease from $185.3 billion in 2021-2022. This decline was driven by reduced financial account payments, which fell to $7.6 billion from $32.3 billion, the report added.

Transactions with Arab countries contributed significantly to Egypt’s revenues, with a total of $45.6 billion in 2022-2023, led by Saudi Arabia at $18.3 billion and the United Arab Emirates (UAE) at $12.8 billion.

In the fiscal year 2022-2023, cash transactions with COMESA countries, of which Egypt is a member, saw a 25.9 per cent increase, reaching $3.80 billion and generating a surplus of $1.73 billion.

European countries received the most foreign exchange payments, totalling $48.1 billion, led by the United Kingdom at $12.2 billion, followed by Germany with $6.6 billion, according to data.

On the other hand, cash transactions with the European Union (EU) countries decreased by 11.6 per cent to $47.5 billion, leading to a deficit of $5.1 billion in 2022-2023, the report concluded.