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FINANCIAL NEWS
Egypt records USD1b overall balance of payment deficit
24 Mar 2015
(MENAFN) The Egyptian government logged a balance of payments’ deficit of USD1 billion for the first half of the 2014/15 fiscal year, against an excess of USD2 billion in the same period a year ago, Saudi Gazette reported.
The current Egyptian account deficit broadened to USD4.3 billion. The account deficit amounts to the hollow between the exportation of goods out of the country versus into the country.
In last year’s exact same period, current account deficit stood at USD866 million. The Central Bank of Egypt attributes the deficit to USD3 billion in repayments of bonds and deposits.
The current account deficit was motivated by a 33.6 percent increase in the trade deficit, which surpassed USD20 billion driven by merchandise imports.
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