Cairo – An overall deficit of $7.3 billion in Egypt's balance of payments was recorded during the first nine months (9M) of fiscal year (FY) 2021/2022, most of which was registered in the January-March period in 2022.

Egypt’s current account deficit remained almost unchanged during the July-March period in FY21/22 at $13.6 billion, despite the $3 billion rise in the trade balance deficit, according to data released by the Central Bank of Egypt (CBE) on Sunday.

Some of the factors that adversely affected the current account include a 22.5% annual hike in the non-oil trade deficit during the July-March period in FY21/22 to around $37.7 billion, compared with $30.7 billion. Meanwhile, the investment income deficit grew by 27.2% yearly in the first nine months of FY21/22, reaching about $11.3 billion, from $8.9 billion.

The rise in the current account deficit was mitigated by some factors, including a higher services surplus by $4.8 billion to $7.9 billion, partially owing to an increase of $5.1 billion in tourism revenues at $8.2 billion, although negatively affected by the absence of Russian and Ukrainian tourists since the Russia-Ukraine crisis outbreak.

As for the capital and financial account, net inflows declined by 36.6% annually in the July-March period in FY21/22 to only $10.8 billion.

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