Banking and Finance Egypt reports current account surplus of $1.41bn By Reuters May 4, 2023, 5:32 AM Creative Commons/Derek Keats Experts fear climate and pollution effects from Saudi Arabia's tourism ambitions are a threat to Red Sea coral reefs Egypt’s current account turned a surplus for the first time in years in the October-to-December quarter as imports dropped and exports rose, the central bank said in a statement. Egypt imposed import restrictions during most of 2022 and continues to suffer an acute shortage of foreign currency. The current account registered a surplus of $1.41 billion compared with deficits of $3.19 billion in July to September and $3.8 billion in October-December 2021. Imports fell to $17.99 billion from $19.07 billion in July-September and $22.48 billion a year earlier, while exports rose to $11.54 billion from $9.97 billion in July-September. Exports in October-December in 2021 were $11.83 billion. Tourism and Suez Canal revenue also rose during the quarter from the previous year. Separately, Egypt’s fuel pricing committee raised its diesel prices by EGP1 to EGP 8.25 ($0.2666) per litre but kept gasoline prices unchanged, Egypt’s petroleum ministry said. Prices of 80-Octane, 92-octane and 95-octane petrol remained at EGP 8.75 ($0.2827), EGP 10.25 ($0.3312) and EGP 11.50 ($0.3716), respectively. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
