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Egypt…billions profit after huge losses


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Egypt’s central bank said tourism revenue rose 43.5% to a record $4.1 billion in the first quarter of fiscal year 2022/2023, up from $2.8 billion in the previous fiscal year.

The central bank said in a report released today Thursday that the increase in the balance of payments was due to a 47.1% increase in tourist nights, to a record 43.6 million nights, and in the number of tourists arriving in Egypt. by 52.2%, to about 3.4 million tourists.

The balance of payments report showed that the current account deficit narrowed by 20.2% in the first quarter of the current fiscal year (2022-2023) to $3.2 billion, compared to $4 billion in the same period of the previous year.

In a report released by Egypt’s Central Bank, the decline is due to an increase in both tourism revenue and merchandise export revenue (oil and other commodities) with rising revenue from the Suez Canal.

The Central Bank’s Monetary Policy Committee is scheduled to make its decision today on setting the interest rate, whether to keep it the same or raise it, in light of the economic developments that have been tracked since its last meeting on December 22.

Source: Cairo 24

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