$74 billion.. What Egypt's basic resources have achieved in 9 months
Egyptian capital and financial transactions account for this period achieved a net inflow of about $8.1 billion, resulting in a total surplus in the balance of payments amounting to $281.9 million.
Shrouq
Egypt achieved nearly $74 billion in basic resources from July 2022 to March 2023.
Hard currency
Hard currency spending declined during this period, which supported a spurt in declining current account deficit.
According to the report of the Central Bank of Egypt, on the performance of the Balance of Payments for the first 9 months of the fiscal year 2022/2023, which was issued on Tuesday night, July 25, 2023, the transactions of the Egyptian economy with the outside world during the aforementioned period witnessed a significant improvement in the current account deficit at a rate of 61.2%, to be limited to about 5.3 billion.
Achieving tourism targets
According to the report, the Egyptian capital and financial transactions account for this period achieved a net inflow of about $8.1 billion, resulting in a total surplus in the balance of payments amounting to $281.9 million.
The Central Bank of Egypt report indicated that Egypt is close to achieving tourism targets, whether in terms of revenue or the number of visitors, with tourism revenues increasing at a rate of 25.7%, to record $10.3 billion during the period from July 2022 to March 2023, compared to EGP 8.2 billion during the comparison period of last year.
Number of tourist nights increased
The Central Bank of Egypt added that the number of tourist nights increased by 26.8%, to record 110.5 million nights, and the number of tourists coming to Egypt increased by 32%, to record about 10 million tourists, to approach achieving the year-wide target of 15 million tourists, which contributes to strengthening the country’s dollar resources.
The Central Bank of Egypt added that the number of tourist nights increased by 26.8%, to record 110.5 million nights, and the number of tourists coming to Egypt increased by 32%, to record about 10 million tourists, to approach achieving the year-wide target of 15 million tourists, which contributes to strengthening the country’s dollar resources.
The development of foreign investment revenues and the Suez Canal
The Balance of Payments report issued by the Central Bank of Egypt revealed that foreign direct investments received for non-oil sectors in Egypt achieved a net inflow of $8.9 billion by the end of March 2023 (July-March), compared to $9 billion during the same period of the previous fiscal year 2021/ 2022, down by about $100 million.
The net investments received to establish new companies or increase the capital of existing companies increased by $801.7 million, to record $3.2 billion, of which $187.9 million was to establish new companies.
According to the Central Bank of Egypt, transportation receipts increased by 41.4% to reach $9.9 billion compared to $7 billion as a main result of the increase in traffic toll revenues in the Suez Canal at a rate of 22.3% to record about $6.2 billion compared to $5.1 billion, due to an increase in net tonnage by 14.5% to reach to about 1.1 billion tons.
The role of new dollar certificates
In terms of additional resources for earning dollars, the National Bank of Egypt and Banque Misr worked to launch dollar savings certificates to attract depositors from Egypt and outside Egypt, with a return of 7% annually.
