The Clap
The balance of payments in Egypt recorded a $7.3 billion deficit, largely due to the exit of foreign investors from the debt market.
The Deets
According to the CBE, in 9 months, there was a $17.2 billion outflow in foreign investment, $14.8 billion of which was between January to March of 2022. This was largely due to the Russia-Ukraine war.
Revenues from tourism increased by 164.5% in 9 months on an annual basis, recording $8.2 billion. In addition to that, FDI increased by 53.5% to $7.3 billion.
Foreign Reserves Decline
The CBE stated that the foreign reserve declined in July 2022 by $232 million, down from $33.375 billion to $33.143 billion.
To read the full disclosure from the CBE, click here.
$7.3 billion deficit in BoP in 9 months ⚖️
