Central Bank of Egypt reveals current account deficit between July and September 2020

The Central Bank of Egypt said today, Sunday, that the current account deficit reached $ 2.8 billion between July and September 2020, from $ 1.4 billion in 2019.

The Egyptian Central Bank added that net foreign direct investment in Egypt was $ 1.6 billion from July to September 2020, registering a 31% year-over-year decline.

He pointed out that Egyptian workers’ remittances abroad amounted to $ 8 billion from September to July 2020.

He also mentioned that tourism revenue stood at $ 801 million from July to September 2020, up from $ 4.2 billion in the same period in 2019.

Data from the Central Bank of Egypt showed that the money supply (M2) increased by 19.7% year on year in December 2020.

The money supply was 4.92 trillion Egyptian pounds ($ 311.46 billion), compared to 4.85 trillion Egyptian pounds ($ 305.10 billion) in November 2020.

The overall balance recorded a deficit of $ 69.2 million, compared to a surplus of $ 227 million a year earlier.

It should be noted that the fiscal year in Egypt is from July to June.

Source: Agencies

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