Egypt’s BoP records surplus of $599.1M in H1 FY2022/23
Updated 5/3/2023 1:00:00 PM
Arab Finance: Egypt’s balance of payment (BoP) saw an overall surplus of $599.1 million in the first half (H1) of fiscal year (FY) 2022/2023, according to a report by the Central Bank of Egypt (CBE) on May 3rd.
On the other hand, the current account deficit fell by 77.2% to $1.8 billion in the July-December period of 2022 from $7.8 billion in H1 FY 2021/2022, the report showed.
The improvement in the current account deficit was impacted by the 28.4% decline in the trade deficit that reached $15.5 billion.
The capital and financial account registered a net inflow of $2.8 billion in the six months to December 2022.
Moreover, the net inflows of foreign direct investments (FDI) in the country increased to $5.7 billion in H1 FY 2022/2023.
As per the portfolio investments in Egypt, it realized a net outflow of $3 billion in the six-month period.
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