Date :Saturday, June 30th, 2018 | Time : 19:47 |ID: 65420 | Print

Egypt’s present account narrows to $5.3 bln as tourism rises

SHAFAQNA – According to data from the Egyptian Central Bank, Egypt’s present account deficit narrowed to $1.93 billion from $3.1 billion for the third quarter of the 2017-18 fiscal year as as tourism revenues improved.
According to Egypt today, Egypt has been trying to tighten its finances and draw back investors, using economic reforms tied to three-year $12 billion IMF loan programme it began in late 2016.

The country’s fiscal year runs from July through June.

The data showed that tourism revenues rose to $2.27 billion in the quarter, which runs from January through March, from $1.256 billion in the same quarter a year ago. Expatriate remittances increased to $6.46 billion from $5.78 billion.

Net foreign direct investment inflows declined to $2.26 billion in the quarter from $2.28 billion.
The trade deficit improved, dropping to $9.26 billion from $9.35 billion.

Suez Canal revenues edged up to $1.39 billion in the quarter from $1.20 billion a year ago.
The overall balance of payments improved, hitting a surplus of $5.38 billion for the quarter versus $3.97 billion last year.

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