Economy grows amid the pandemic    Preview: Assar faces world champion in table tennis, swimmer Osman has chance for redemption at Tokyo Olympics    Tunisia on edge    Newsreel    Finding solutions to the GERD crisis    Myths and facts on the GERD    Facing an uphill task, Egypt's Mostafa Mohamed to start in CL game against Eindhoven    'Healthcare, not sick care'    Developing Fustat Park    Self-saucing chocolate pudding cake    Ethiopia predicts possible floods in downstream countries due to heavy rainfall    Vaccination conspiracy theories: The goofy, the sad, and the useful    Egypt's first monorail train set for administrative capital arrives in Alexandria Port    Egypt's stocks finish in green as benchmark EGX 30 adds 0.62% on Tuesday    Egypt's Banque Misr mulls committing EGP20.8 billion in joint lending    Remembering Egyptian filmmaker Youssef Chahine: The perpetual rebel    Russian delegation to visit Egypt today for Sharm al-Sheikh, Hurghada security checks    Remembering Roushdy Abaza: Egyptian silver screen's first man    Canada's Barrick Gold signs deals to explore for gold in Egypt for first time    Israeli war crimes against Palestinians apparent in Gaza war: HRW    Egypt urges agreement to adapt to climate change effects: Environment minister    Tokyo 2020 Day 4 summary: Egypt's Elsalamoney disqualified from Triathlon    Russia flights to Egypt resorts of Sharm el-Sheikh, Hurghada to resume on August 9    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Thanaweyya Amma exams resume after Eid Al-Adha holidays    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt condemns Israeli violations of Jerusalem's Al-Aqsa Mosque    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Etisalat Misr partners with Bassita to contribute to a Cleaner Nile    Egypt to receive first shipment of Pfizer, J&J vaccine doses soon – minister    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's payment balance ran a $410.9 mln total surplus in 1H FY2019/2020
Published in Ahram Online on 31 - 03 - 2020

The Central Bank of Egypt (CBE) has announced that during first half of FY 2019/2020, Egypt's balance of payments ran an overall surplus of $410.9 million, compared with a total deficit of $1.8 billion in the same period a year earlier.
In its balance of payment report on Tuesday, the CBE unveiled that the current account deficit retreated by $684.4 million, 13.0 percent, recording $4.6 billion, down from $5.3 billion thanks to the decline in the non-oil trade deficit and the rise in unrequited current transfers.
Yet, the reversal of the oil trade balance from a surplus to a deficit, the fall in the services surplus, and the rise in investment income deficit have limited the improvement seen in the current account deficit, according the report.
In this regard, the report showed that the non-oil trade deficit fell by $1.4 billion, recording $18 billion, down from $19.4 billion.
The CBE attributed the drop to the pickup in non-oil merchandise exports by $940.9 million to $9.2 billion, up from $ 8.3 billion, adding that exports which witnessed increases were mainly gold, radio and TV transmitters and receivers, drugs, vaccines, serums and pharmaceuticals, and organic and inorganic compounds.
Moreover, the drop was an outcome of a non-oil merchandise import decline by $490.7 million to $27.2 billion, down from $27.7 billion, principally imports of cast iron; wheat; spare parts and accessories of cars and tractors; and drugs.
Meanwhile, the report revealed that unrequited current transfers saw a rise, moving up by $1.7 billion to $13.6 billion up from $12 billion, supported primarily by the 13.5 percent hike in workers' remittances.
For the oil trade balance, the report unveiled that it ran a deficit of $733.3 million compared to a surplus of $150.8 million on the back of the decline in oil exports by $1 billion to $5 billion, down from $6 billion, driven mainly by the drop in the exports of crude oil and oil products, despite the increase in the exports of natural gas.
There was also a marginal decrease in oil imports by $79.7 million to $5.78 billion, down from $5.86 billion, as a result of lower imports of oil products, as importation of natural gas has stopped starting the second quarter of FY 2018/2019, and higher imports of crude oil.
The report also showed that services surplus declined by $1 billion to $6.3 billion, down from $7.3 billion, because of a number of developments including the retreat of travel surplus by $155.4 million to $5.3 billion, down from $5.4 billion, due to the increase in both travel receipts, tourism revenues, by $459.7 million to $7.2 billion, and travel payments by $615.1 million to $2 billion.
Furthermore, it came as a result of the hike in Suez Canal receipts by $103.8 million to $3 billion, up from $2.9 billion, besides that transportation surplus, excl. Suez Canal, narrowed by $399 million to $298.6 million down from $697.6 million, in addition, the deficit on government services and other services rose by $527.2 million to $2.3 billion up from $1.8 billion.
According the report, the investment income deficit widened by $571.1 million to $5.8 billion, up from $5.2 billion, as a result of the rise in investment income payments by $604.8 million to $6.3 billion, up from $5.7 billion.
Regarding capital and financial account, the report demonstrated that it recorded a net inflow worth $5.2 billion, thanks to the portfolio investment in Egypt which recorded net inflows of $273.6 million, a reversal from the net outflows of $5.9 billion, despite the volatility of global financial markets, especially the emerging markets.
Additionally, total inflows of foreign direct investments (FDIs) moved up by $1.2 billion to $9.2 billion, up from $8 billion.
On the other hand, total outflows increased by $378.9 million to $4.2 billion, up from $3.8 billion.
“This resulted in an increase in net FDI in Egypt by $773.8 million, recording a net inflow of $5 billion driven by the increase in net inflows for greenfield investments by $1.2 billion to $3.2 billion,” according the report.
In respect of medium- and long-term loans and facilities, the report noted that it recorded net disbursements worth $2.1 billion, increased by $1.2 billion.

Clic here to read the story from its source.