Egypt's balance of payment deficit shrinks
Egypt's balance of payments deficit decreased to $518.7 million in the third quarter of 2012/13 (July-September) compared to $2.4 billion during the same period last year, the country's central bank said on Wednesday.
Transfers from Egyptians living abroad saw an increase of $839.7 million compared to the same period last year. Imports of commodities decreased by $760 million which helped narrow the current account deficit.
The trade deficit also saw also an improvement as it narrowed to $6.9 billion in the third quarter due to a 5.2 per cent decrease in imports.
The balance of payments is an accounting record of all monetary transactions between a country and other countries.
- An extension of apartheid or another dark side all together? Israel has highest OECD poverty rates
- Why empowering women is good for business
- Does Iran really need the Geneva deal to save its economy? Maybe something else is needed....
- Iraq's other war: the gruesome fight against corruption and bureaucracy
- Is the GCC-US business driven "marriage of convenience" about to be over?