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.
- Livelihoods trump lawlessness: young working Egyptians risk everything in Libya
- RIP: King Abdullah leaves behind profound legacy for the Saudi Economy
- Impetus from within: why the Arab World needs a very Arab 'Marshall Plan'
- 'Fiscal juggling': just how many economic priorities will Saudi Arabia's new King have to focus on?
- Despite Erdogan's 'harsh rhetoric', Turkish-Israeli is still booming