Egypt’s current account deficit falls to $1.28b

22 Feb 2010

(MENAFN) A report issued by the Central Bank of Egypt (CBE) showed that the country’s current account deficit narrowed to $1.28 billion in the six months to the end of December from $2.51 billion a year earlier, Reuters reported.

According to the CBE report, Egypt’s trade deficit also narrowed to $11.93 billion from $14.63 billion in 2008/09. The fiscal year begins July.

Foreign direct investment (FDI) dropped 35 percent to $2.63 billion, while net private transfers, or remittances, fell 16.5 percent to $3.46 billion.

Egypt’s economy has been hurt by a decline in tourism, Suez Canal revenue and foreign investment since world financial markets almost collapsed in the second half of 2008.

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