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EGYPT2

According to a data released on Monday by the Central Bank of Egypt, Egypt’s current account deficit climbed to $7.6 billion in the first half (1H) of the current FY2020/2021 from July to December 2020 up from $4.6 in the same half of FY2019/2020.

This Increase in the current account deficit is associated to the decline in service balance surplus and the increase in the non-oil trade balance

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According to CBE, due to the decline in the investment income balance Service balance surplus contracted by 69.9 percent in the 1H of FY2020/21 posted $1.9 billion, down from $6.3 billion in the 1H of FY2019/20.

The decline in Investment income had a larger effect on the Tourism sector with the CBE showing that tourism revenues dropped by 75.3 percent in the 1H of FY2020/21, reaching $1.8 billion.

In April 13 …