off-the-wire

UPDATE 1-Egypt's current account moves into surplus in Oct-Dec

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds quarterly figures, details) CAIRO, May 3 (Reuters) - 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 on Wednesday.


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 dollars compared to deficits of $3.19 billion in July to September and $3.8 billion in Oct-Dec 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.





(Reporting by Enas Alashray and Alaa Swilam; Writing by Patrick Werr Editing by Shri Navaratnam)

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