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Egypt reports current account surplus of $1.41bn

Eco Egypt Creative Commons/Derek Keats
Tourism and Suez Canal revenue rose during Q4 2022 year-on-year

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.