CBE: Balance of payment surplus hits USD 410.9 m

The Central Bank of Egypt (CBE) said the balance of payment with regard to country’s foreign transactions hit a surplus of USD 410.9 million in the first half of the 2019-2020 fiscal year against a total deficit of USD 1.8 billion in the corresponding period of the previous fiscal year.

In a statement on Monday March 30, the bank said the deficit of the current account balance receded by 13 percent to stand at USD 4.6 billion in the first half of the 2019-2020 fiscal year against USD 5.3 billion in the corresponding period last year.

The bank attributed this to shrinking deficit of the non-petroleum trade balance by dlrs 1.4 billion to register about USD 18 billion against 19.4 billion.

The bank added that the current transfers ratcheted up by USD 1.7 billion to record about USD 13.6 billion against USD 12 billion.

The petroleum trade balance registered a deficit of USD 733.3 million in the first half of the 2019-2020 FY against a surplus of USD 150.8 million as a result of a drop in the petroleum exports by about USD 1 billion, standing at about USD 5 billion.

The balance of services recorded a surplus of USD 6.3 billion.

Total revenue from fees collected from vessels transiting the new Suez Canal hit USD 3 billion at a USD 103.8 million uptick.

The investment income rose by USD 571.1 million to register USD 5.8 billion, the statement said, adding that the net foreign direct investments flow to Egypt went up by USD 773 million to register UDD 5 billion. 

Source: State Information Service Egypt