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  • 16-10-21

    Egypt’s current account shortfall enlarges to USD5.13B from USD3.83B year earlier

    (MENAFN)Central bank figures showed that Egypt’s current account shortfall increased in the first six months as imports flowed and tourism was slow to recover to pre-COVID-19 levels.

    Furthermore; the shortfall increased to USD5.13 billion in the quarter from USD3.83 billion a year ago, when the coronavirus pandemic affected on the economy and tourism ground.

    A year earlier, a strong currency supported increase imports to USD19.59 billion in the quarter from USD13.83 billion.

    Based on calculations using data from the bank’s latest balance of payments report, during the quarter, tourism income increased to USD1.75 billion from a low of USD305 million at the height of the coronavirus crisis in the first half of 2020.

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