Deficit grows in Egypt along with growing capital outflows
Private remittances continued to flow in to Egypt, but capital outflows also increased
Egypt's current account deficit surged 30 per cent in the fiscal year that ended in June 30 to $7.9 billion, the central bank said.
Tourism revenue declined to $9.4 billion from $10.6 billion in the previous year, the central bank said in an e-mailed statement.
Foreign direct investment was little changed at about $2.1 billion while portfolio investment outflows almost doubled to about $5 billion, the central bank said.
Net private transfers, led by remittances, surged 44 per cent to $17.8 billion, the data show.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow