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FINANCIAL NEWS
Egypt balance of payments deficit at USD11b in FY 2011/2012
11 Sep 2012
(MENAFN) Official data showed that Egypt’s balance of payments deficit stood at USD11.3 billion in the financial year to June, up from USD9.8 billion in the previous year, Reuters reported.
According to the preliminary figures by the central bank, the cash-strapped country saw its current account deficit going up to USD7.9 billion from USD6.1 billion, while the trade deficit widened to USD31.7 billion from USD27.1 billion.
Foreign investors and tourists, the main source of cash for Egypt, fled the country following last year’s popular uprising which ousted President Hosni Mubarak.
Recently, Egypt’s new Prime Minister Hisham Kandil vowed to put growth, budget deficit cut on the top of his government’s priorities.
Kandil also said that the government targets lower budget deficit by 1 percent in two years.
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