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Egypt current account deficit narrows to $13.2 billion in nine months through March

Egypt current account deficit narrows to $13.2 billion in nine months through March

Reuters5 days ago
DUBAI, July 22 (Reuters) - Egypt's current account deficit narrowed to $13.2 billion in the nine months through March 2025, from $17.1 billion in the same period a year earlier, Egypt's central bank said on Tuesday.
The bank attributed the slimmer deficit to an 86.6% increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to 23% higher tourism revenue.
Oil exports declined by $430.5 million to $4.2 billion, from $4.6 a year earlier, while oil imports increased by $4.8 billion to $14.5 billion, from $9.7 billion.
Egypt has been seeking to import more fuel oil and liquefied natural gas this year to meet its power demands after enduring blackouts during periods of shaky gas supply in the past two years.
Concerns intensified after the supply of natural gas from Israel to Egypt dropped during Israel's air war with Iran.
Suez Canal revenues declined to $2.6 billion, from $5.8 billion in a year earlier, as revenue from the vital global trade route continued to suffer because of Yemeni Houthis' attacks on ships in the Red Sea.
The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.
Meanwhile, Egypt's tourism revenue reached $12.5 billion from July 2024 through March 2025, compared to $10.9 billion in the same period a year earlier.
Remittances from Egyptians working abroad increased to $26.4 billion, from $14.5 billion.
Foreign direct investment hit $9.8 billion, compared to $23.7 billion.
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Far from the glitz and glamour of old-school Vegas, Clarkson's set resembles an 'intimate recording studio' with warm lighting, oak panels and pictures on the walls. Clarkson – who wears black jeans and a T-shirt for the gig – described the set as 'chic and comfortable'. So not exactly Liberace, then. 'You come to Vegas for bright lights, sequins and razzmatazz,' 58-year-old Colin from west London tells the Mail after the show. 'Instead, it felt like Kelly at the kitchen table.' In spite of everything, there is still hope for Vegas. The recently shuttered Mirage has been bought by Hard Rock, a hospitality brand, which is set to turn it into a '700ft guitar-shaped hotel'. Meanwhile, the opening of The Sphere – the remarkable performance venue coated entirely with LED screens – has made Vegas an entertainment trailblazer again, with a profile even those big-spending Saudis must envy. 'I went to the opening of Backstreet Boys show at The Sphere on Saturday night,' says Sam Novak. 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