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FINANCIAL NEWS
Egypt account deficit reaches USD2.4b
26 Sep 2014
(MENAFN) Egypt’s current account deficit dropped to USD2.4 billion in the 2013-14 fiscal year compared to USD6.4 billion the previous year, aided by billions of dollars given by Gulf Arab donors, Gulf Daily News reported.
The improvement in the current account deficit was also driven by a rise in net official transfers, which increased by more than tenfold to reach USD11.9 billion in the fiscal year that ended in June compared with USD835.6 million in the previous fiscal year.
However, during the fourth quarter of the fiscal year from April till June, Egypt posted a current account deficit of USD2.123 billion, while official transfers reached USD1.4 billion in the April-June period, compared with USD4.5 billion in the third quarter.
A sharp decline in tourism revenues prevented these improvements from being better, after dropping 48 per cent to USD5.1 billion compared with USD9.8 billion last year.
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