Egypt’s Suez Canal Revenues decline 4% in June

Egypt’s Suez Canal revenues declined four percent in June to 431.6 million Egyptian pounds (US$55.1 million) compared to 449.6 million Egyptian pounds in the previous month, according to Egypt’s Information Portal (EIP).

The artificial waterway, which connects the Mediterranean and Red Sea, is the shortest marine route between Asia and Europe. It is one of Egypt’s main sources of foreign currency, along with tourism and remittances from Egyptian expatriate.

Egypt’s net foreign currency reserves stood at $20.1 billion in June, according to Central Bank data.

A new shipping route in the Suez Canal, that aims to boost its revenues, will be inaugurated on 8 August.

source:Ahram Online