Egypt’s s balance of payments rise to $5.1 billion: CBE

The Central Bank of Egypt (CBE) stated that the total surplus of Egypt’s balance of payments rose to USD 5.1 billion during the first quarter of fiscal year (FY) 2017/18, compared to USD 1.9 during FY 2016/17’s 1st quarter.

According to the CBE, remittances of Egyptians abroad rose to USD 5.9 from January to March during fiscal year 2017/18, compared to USD 4.3 billion in the same period during fiscal year 2016/17.

In November, the central bank floated the currency and agreed to a $12 billion loan with the International Monetary Fund to support its reform program.

Egypt’s foreign reserves registered $36.535 billion at the end of September 2017. Around 9.4 million Egyptians live abroad, of a total Egyptian population of 104.2 million.

Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency.

Edited translation from al-Masry al-Youm 

Related Articles

Back to top button