IDSC: Egypt’s balance of payments records surplus about USD 1.5 bln in H1
Saturday، 17 April 2021 - 03:25 PM
Egypt’s balance of payments hit a surplus of about 1.5 billion dollars in the first half of the fiscal year 2020-2021, the Cabinet's Information and Decision Support Center (IDSC) said Saturday 17/04/2021.
The overall surplus came in comparison to a deficit of 9.0 billion dollars in the previous half (January/June 2020 at the peak of the first wave of the pandemic), and a surplus of 410.9 million in the corresponding period (July/December) of the previous FY 2019-2020.
The current account deficit rose by 66.9% to 7.6 billion dollars, up from 4.6 billion dollars in the corresponding period. This was attributed to the travel restrictions brought about by the coronavirus pandemic, causing the tourism sector to register only one quarter of the revenues realized in the corresponding period that witnessed the highest tourism revenues before the Corona pandemic (USD 1.8 billion compared to USD 7.2 billion).
The capital and financial account realizes a net inflow of approximately 9.2 billion dollars. Net inflows channeled into the capital and financial account increased by 75.2% to 9.2 billion dollars, compared to 5.2 billion dollars.