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FINANCIAL NEWS
Egypt records USD4.1b account deficit in Q1
07 Jun 2015
(MENAFN) Egypt recorded a deficit of about USD4.1 billion in its current account for the first quarter of the year, compared to an account excess of USD322.9 million year-on-year, Reuters reported.
For the first nine months of the financial year, the deficit peaked at USD8.38 billion, compared with a deficit of USD543.1 million in the corresponding period of the previous financial year.
The deficit is attributed to a huge decline in net transfers and an increased trade deficit, according to a banking statement.
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