{"id":323662,"date":"2021-10-17T10:12:27","date_gmt":"2021-10-17T10:12:27","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=323662"},"modified":"2021-10-17T10:12:27","modified_gmt":"2021-10-17T10:12:27","slug":"egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/10\/17\/egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises\/","title":{"rendered":"Egypt\u2019s balance of payments flips to surplus in 2020-2021, current account deficit rises"},"content":{"rendered":"<p><strong>Egypt\u2019s balance of payments flipped to a surplus of USD 1.9 bn in the state <\/strong><strong>fiscal year ending 30 June 2021<\/strong>, compared with a deficit of USD 8.6 bn in the previous fiscal year, when the early days of the covid-19 pandemic wiped out tourism and slowed global trade.<\/p>\n<p>\u201cThis improvement proved the ability of the Egyptian economy to quickly recover from the crises that hit the global economy,\u201d the central bank said in a statement (pdf) released over the weekend that enclosed the figures.<\/p>\n<p><strong>Our<\/strong><strong> current account deficit widened by USD 7.2 bn in <\/strong><strong>the state fiscal year ending 30 June <\/strong><strong>2021<\/strong>, closing FY 2020-2021 at USD 18.4 bn compared with USD 11.2 bn the previous year, a fact the CBE attributed to a \u201cnoticeable drop in tourism revenues\u201d thanks to the impact of the pandemic on tourism. (Diving a bit deeper, we think the current account deficit actually shrank from USD 5.7 bn in 3Q2020-21, likely on the back of rising remittances and portfolio investments.)<\/p>\n<p><strong>Our biggest gainer was remittances, <\/strong>which rose by 13.2% y-o-y in FY 2020-2021 to USD 31.4 bn, up from USD 27.8 bn the previous fiscal year. Inflows rose almost 30% to USD 8.1 bn in 4Q, up from USD 6.2 bn in the same period last year, the CBE noted last month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s balance of payments flipped to a surplus of USD 1.9 bn in the state fiscal year ending 30 June 2021, compared with a deficit of USD 8.6 bn in the previous fiscal year, when the early days of the covid-19 pandemic wiped out tourism and slowed global trade.<\/p>\n","protected":false},"author":4,"featured_media":321746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-323662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Egypt\u2019s balance of payments flips to surplus in 2020-2021, current account deficit rises - 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