The Central Bank of Egypt said that the balance of payments, which measures the transactions of the Egyptian economy with the outside world, achieved a total surplus of $311.4 million during the period from July to September 2021, compared to a deficit of $69.2 million during the same period of the previous year.
The Central Bank added in today’s statement, that this indicates the ability of the Egyptian economy to withstand the negative repercussions of the Corona pandemic that the global economy is facing.
The Central Bank clarified that the balance of payments achieved a total surplus despite the rise in the current account deficit to reach about 4 billion dollars, compared to 2.8 billion dollars during the same comparison period.
He attributed the high current account deficit to the increase in the non-oil trade balance deficit by 26.1% to reach about $11 billion as a result of the increase in imports of medical supplies in light of the state’s efforts to combat Corona, as well as the increase in imports of production requirements.
He explained that this rise in the balance of payments is a result of the increase in the non-oil trade balance deficit by 26.1% to reach about 11 billion dollars, as a result of the increase in imports of medical supplies in light of the state’s efforts to combat Corona, as well as the increase in imports of production requirements.
The balance of payments data issued by the Central Bank of Egypt showed an increase in the surplus of services balance by about 2.1 billion dollars during the first quarter of the current fiscal year, to record about 2.9 billion dollars, compared to 876.3 million dollars during the same period of the previous year.
The balance of payments showed that Egypt’s tourism revenues increased to 2.8 billion dollars during the first quarter of the current fiscal year (July/September 2021) compared to 801 million dollars in the same period of the previous fiscal year, according to the Egyptian balance of payments data.
A few days ago, Deputy Minister of Tourism and Antiquities, Ghada Shalaby, announced that Egypt’s tourism revenues would exceed $13 billion during 2021, an increase of 225 percent from 2020.
Shalaby expected that the revenues of this year will exceed the revenues of 2021 in light of the giant tourism projects implemented by the state and aiming at the growth of the sector.
Shalaby had stated in previous statements that Egypt’s tourism revenues during the first half of last year ranged between 3.5 and 4 billion dollars.
Egyptian tourism achieved revenues of nearly $90 billion during the period from 2010 to 2020, according to data prepared by the Federation of Chambers of Tourism.