Sunday, June 23, 2024
HomeBusinessEgypt’s balance of payments hits $523.5M surplus by end of September: CBE

Egypt’s balance of payments hits $523.5M surplus by end of September: CBE

Egypt’s balance of payments recorded an overall surplus of $523.5 million by the end of September 2022, according to the Central Bank of Egypt (CBE).

The CBE attributed the surplus to the growing revenues of tourism, Suez Canal as well as petroleum and non-petroleum exports.

It added in a report that the inflows of the foreign direct investment (FDI) rose to $3.3 billion, while investments into the securities portfolio reached $2.2 billion, which both brought about an increase in total investments worth $4.4 billion.

As for the tourism sector, the revenues have contributed to curbing the deficit as the sector’s earnings edged up by 43.5 percent to hit $4.1 billion, up from $2.8 billion.

Furthermore, the oil trade deficit was stable at $106 million due to the increase of petroleum exports to reach $807.3 million.

Egyptians’ remittances decreased by 20.9 percent to hit $6.4 billion, compared to $8.1 billion.

Deficit in investment balance rose by 16.8 percent to register $4.5 billion up from $3.0 billion. 

RELATED ARTICLES
Continue to the category

TRANSLATE

Most Popular