Egypt’s Balance of Payments (BOP) ran an overall surplus of US$ 3.1 billion in July/March of FY 2009/10 (against an overall deficit of US$ 2.3 billion in the previous corresponding period), the Central Bank of Egypt said in a report released Sunday16\5\2010.

Accordingly, international reserves at the CBE showed an equivalent increase. As such, the current account deficit retreated by 24 percent to about US$ 2.6 billion, against a deficit of US$ 3.4 billion in the corresponding period of the preceding FY, due to the aggravation of the global financial crisis.

In the meantime, the capital and financial account recorded a net inflow of about US$ 5.2 billion (against some US$ 700 million in the previous corresponding period).

The trade deficit narrowed to US$ 18.5 billion during the period July/March of FY 2009/10 (against US$ 19.5 billion), reflecting the decrease in both merchandise export proceeds and import payments.

Oil exports fell by 17.9 percent and non-oil exports by 7 percent.

The services surplus retreated by 9 percent to about US$ 8.8 billion during July/March 2009/10 (against US$ 9.6 billion). It was partly ascribed to the decline in investment income receipts by 61.4 percent to US$ 661.5 million against some US$ 1.7 billion during the period of comparison. (SIS)

Global Arab Network