Egypt achieves balance of payments surplus of $1.8B within 9 months

CAIRO – 30 June 2021: The Central Bank of Egypt (CBE) announced achieving a balance of payments surplus of about $1.8 billion during the nine months from July 2020 to March 2021.

CBE confirmed in the balance of payments report issued, Tuesday, that the period from July to March of the fiscal year 2020/2021 witnessed an improvement in the performance of the Egyptian economy’s transactions with the outside world.

The balance of payments achieved a total surplus of $1.8 billion during the same period, compared to a deficit of about $5.1 billion during the corresponding period of the previous fiscal year 2019/2020, due to the Corona crisis.

CBE stated that this improvement came to prove the ability of the Egyptian economy to recover quickly from crises that may face the global economy.

The Central Bank indicated that current transactions in the balance of payments resulted in a deficit of about $13.3 billion, compared to about $7.3 billion during the corresponding period of the next fiscal year.

It added that this is a main result of the fact that tourism revenues were limited to less than a third of what was achieved during the corresponding period, affected by the strong shock to international tourism due to the Corona crisis, which the global economy is still suffering from.