Egypt's deficit in balance of payment (BOP) reached U.S. $9.2 billion during the 2010-2011 fiscal year, according to a statement by the Egyptian Central Bank. Last year, Egypt had a surplus of $2.4 billion. The current transaction balance has retreated by 35.9 percent, recording $2.8 billion during fiscal year 2010-2011, according to state news agency MENA. BOP retreating effected foreign reserves. Foreign reserves net to Egypt fell, recording $25.01 billion in August, while they were $36 billion at the end of December 2010. The central bank said that banks depend on surplus as temporary procedures in order to cover deficit of BOP. Tourism and foreign investors dropped in Egypt after the January 25 Revolution. They were main sources of foreign currency in Egypt. Foreign investment has fallen by 67.6 percent, recording $2.2 billion, while it was $6.8 billion last year. Tourism income declined by 46.5 percent to record $3.6 billion.
