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See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Dollar Declines against Egypt Pound to 49.40
Taarek Refaat The US dollar exchange rate witnessed a significant decline against the Egyptian pound on Wednesday, in a number of banks. Most major banks recorded selling prices ranging between EGP 49.40 and EGP 49.68, reflecting the continued slight decline in the dollar's value in the banking market. The Suez Canal Bank recorded the lowest buying price for the dollar at EGP 49.40, while the National Bank of Kuwait recorded the highest selling price at EGP 49.68. At the central Bank of Egypt the greenback recorded to buy 49.42 and 49.56 to sell following Eid Al-Adha weekend. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily News Egypt
06-05-2025
- Business
- Daily News Egypt
Egypt records BOP deficit of $502.6m in H1 FY 2024/25
Egypt's balance of payments (BOP) recorded an overall deficit of $502.6m during the first half (July/December 2024) of the fiscal year (FY) 2024/25,Central Bank of Egypt (CBE) figures showed. This represented a slight increase from the $409.6m deficit recorded in the same period of the previous fiscal year. The outcome was primarily driven by a widening current account deficit, which reached $11.1bn, compared to $9.6bn a year earlier, the CBE said on Monday. The larger current account deficit resulted mainly from a 47.4% increase in the trade deficit, which climbed to $27.5bn, coupled with a 21.2% decline in the services surplus, falling to $7.2bn. However, the expansion of the deficit was partly offset by a significant 81.6%rise in net current transfers, reaching $17.1bn, largely due to a surge in remittances from Egyptians working abroad. Furthermore, the investment income deficit narrowed by 17.2%to US$ 7.9bn. The capital and financial account recorded a net inflow of $7.9bn during the six-month period, slightly down from $8.4bn in the prior year period. Within this account, Foreign Direct Investment (FDI) in Egypt registered a net inflow of $6bn, while portfolio investments experienced a net outflow of $ 3.7bn. Regarding the trade deficit components, the non-oil trade gap widened by 33.8%, or $5.3bn, to reach $20.8bn. This was because non-oil merchandise imports grew faster than exports. Non-oil imports rose 26.9% ($7.7bn) to $36.6bn, driven by increased purchases of wheat, pharmaceuticals, gauze pads, vaccines, soya beans, and spare parts for cars and tractors. Meanwhile, non-oil exports increased by 18.8% ($2.5bn) to $15.7bn, led by higher sales of wires and cables, ready-made clothes, aluminium products, and fresh/dried fruits. The oil trade deficit also expanded significantly, reaching $6.7bn compared to $3.1bn previously. Oil imports surged by 53.3% ($3.4bn) to $ 9.7bn, fuelled by higher imports of natural gas (up $2.1bn), oil products (up $1.2bn), and crude oil (up $ 58.7m). Conversely, oil exports dropped by 7.0% ($224.6m) to $3.0bn, reflecting decreased export quantities and prices for crude oil (down $714.3m) and natural gas (down $265.3m), although exports of oil products increased by $755.0m due to higher volumes. Within the services account, Suez Canal transit receipts experienced a sharp decline of 62.3%, falling to $1.8bn from $4.8bn. The CBE attributed this drop to ongoing Red Sea maritime navigation tensions, which forced route diversions, leading to a 69.2% fall in net tonnage transiting the canal (to 244.7m tons) and a 52.2% decrease in the number of vessels. On a positive note for services, tourism revenues increased by 12.4% to $8.7bn, up from $7.8bn, supported by a rise in the number of tourist nights to 93.5m from 83.2m. The surge in remittances from Egyptians working abroad was a key factor mitigating the current account deficit, rising 80.7% to $17.1bn from $9.4bn. The narrowing of the investment income deficit to $7.9bn (from $9.6bn) also helped; this resulted from a 10.7% decrease in investment income payments (to $9.2bn) combined with a 70.9% increase in investment income receipts (to $1.3bn). Examining the capital and financial account further, the net FDI inflow of $6.0bn (up from $5.5bn) comprised several elements. FDI in the oil sector shifted to a net inflow of $196.9m from a previous net outflow of $422.2m, as inflows for greenfield investments rose to $2.9bn while cost recovery outflows by foreign partners fell to $2.7bn. FDI into non-oil sectors achieved a net inflow of $5.8bn. This included $2.9bn from greenfield investments or capital increases (up from $1.9bn), $732.1m from real-estate purchases by non-residents (up from $ 536.7m), $ 2.2bn in net reinvested earnings (down from $2.6bn), and $321.9m in net proceeds from selling assets to non-residents (down from $626.4m). Portfolio investment in Egypt recorded a significant shift, registering a net outflow of $3.7bn compared to a net inflow of $252.8m in the first half of the previous fiscal year. Changes within the banking sector showed a net inflow of $7.4bn related to foreign assets (representing a decrease in assets), contrasting with a net outflow of $1.2bn previously. Bank liabilities posted a net inflow of $1.7bn (representing an increase in liabilities), compared to a net outflow of $120.9m in the prior period. Finally, the change in the Central Bank of Egypt's liabilities recorded a net inflow of $704.5m, significantly lower than the $2.7bn inflow recorded in the same period last year.
