Egypt’s BoP records surplus of $4.1B in 9 months
Updated 7/9/2024 6:01:00 AM
Arab Finance: Egypt’s balance of payment (BoP) saw an overall surplus of $4.1 billion during the first nine months of the previous fiscal year (FY) 2023/2024, compared to a surplus of $281.9 million in the same period of FY 2022/2023, according to a report by the Central Bank of Egypt (CBE).
The report also showed that the current account deficit climbed to $17.1 billion, compared to $5.3 billion during the July 2022–March 2023 period.
The capital and financial account registered a net inflow of $20 billion during July 2023-March 2024, up from $8.1 billion in the year-ago period.
Meanwhile, foreign direct investments (FDI) recorded a net inflow of $23.7 billion in the country, while portfolio investments realized a net inflow of $14.6 billion, versus a net outflow of $3.4 billion.
Tourism revenues climbed by 5.3% to $10.9 billion during the first nine months of the elapsed FY, compared to $10.3 billion in the July 2022-March 2023 period.
This increase was due to the surge in numbers of both tourist nights by 5.3% to 116.4 million nights and tourist arrivals to Egypt by 11.1% to 11.1 million tourists.
Remittances of Egyptian workers abroad narrowed by 17.1% to $14.5 billion from $17.5 billion in the comparable period a FY earlier.
Furthermore, the Suez Canal transit receipts declined by 7.4% to $5.8 billion, compared to $6.2 billion in the corresponding nine months a FY earlier, driven by the drop in both net tonnage of vessels by 15.6% to 944.9 million tons and the number of passing vessels by 11.5%.
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