CBE: economy succeeded to weather impact of pandemic on balance of payments

CAIRO - 27 July 2020: The Central Bank of Egypt (CBE) hailed the success of the economy in weathering the impact of the coronavirus pandemic on the Egyptian balance of payments.

In a statement released Monday, it said that the deficit in the account of current transactions during the first quarter of this year (January - March 2020) registered a decrease of 39.2 percent, despite the climate of uncertainty which the global economy witnessed on the back of pandemic and its adverse effects on the performance of most of the world’s economies since the beginning of the year.


It pointed out that the improvement in the current account deficit has been maintained during the first quarter of the year to stand at $2.8 billion compared to $4.5 billion in the same period the previous year.


According to the CBE, the deficit during the cumulative period from July 2019 to March 2020 recorded a marked improvement at a rate of 25.2 percent to reach $7.3 billion compared to $8.9 billion during the same period of the previous fiscal year, driven mainly by the marked improvement in the non-oil trade balance deficit and the rise in the unrequited current transfers as a result of the successful economic reform program which has been reflected on the macroeconomic indicators.