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Current account deficit decreased by 57.5% during 9 months, CBE

Thursday 28 June 2018 02:15 PM


By Sayed Badr
The Central Bank announced a decline in the trading account during the period from July to March of the current fiscal year, by 57.5% to $ 7.2 billion to $ 5.3 billion, compared to $ 12.5 billion during the corresponding period last year.

The improvement in the current account is due to the 138.2% increase in the service balance surplus, the current transfers net rise by 23.2%, and the 1.3% retreat in trade balance deficit, the central bank said in a recent report, of which a copy was obtained by Al-Mal newspaper.

The Central Bank explained that this improvement reflects the positive impact of the exchange rate liberalization decision on the Egyptian economy transactions with the outside world.