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FinancialNews


  • 22-02-23

    Egypt’s economy to grow with Suez Canal recording monthly peak of USD594M

    (MENAFN) Egypt’s Suez Canal revenue witnessed a record peak of 18.2 billion Egyptian pounds (USD594 million) in December last year, in line with data issued by the Central Agency for Public Mobilization and Statistics.

    The numbers come following the Suez Canal Authority declared 2022 delivered an all-time yearly income peak for the waterway, gains USD8 billion in transit fees.

    The revenue from the canal was around 25 percent more than the USD6.3 billion recorded in 2021, after a sequence of toll rises to support pad Egypt’s siphoned foreign reserves.

    The canal is a source of much-needed foreign currency for Egypt, with worldwide financiers pulling billions out of the import-dependent economy throughout the ongoing catastrophe activated by Russia’s attack of Ukraine in 2022.

    Yearly inflation reached 21.9 percent in December and the domestic currency has decreased nearly 50 percent of its worth in less than a year in consecutive devaluations requested as part of a USD3 billion loan deal with the International Monetary Fund.

    MENAFN22022023000045014228ID1105613930

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