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.
- The source of all brain drain: Lebanon's university graduates downbeat about their future prospects
- Is Erdogan's party waging a 'holy war' against the free market economy?
- Costs and benefits: the tough economics of hosting the World Cup
- Mind the gap: descripancy between income and social development persists in the Middle East
- Taking the driver's seat when it comes to your finances: should you buy a car in cash or installments?