Cairo – Mubasher: Egypt's total foreign exchange receipts declined by 24% year-on-year (YoY) to $121.90 billion during the fiscal year (FY) 2022/2023 from $160.50 billion in FY 2021/2022.

Total foreign exchange payments plunged by 27.10% YoY to $135 billion in FY 2022/2023 from $185.30 billion, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Arab countries were the primary contributors to Egypt's foreign exchange receipts in the fiscal year that ended on 30 June 2023, accounting for 37.40% of the total receipts.

Among these countries, Saudi Arabia led with $18.30 billion in receipts, followed by the UAE with $12.80 billion.

Conversely, European countries led the international groups receiving foreign exchange payments from Egypt in FY 2022/2023, totalling $48.10 billion.

The UK and Germany topped the list, receiving $12.20 billion and $6.60 billion, respectively, in hard currency payments from Egypt during the reported period.

Egypt's medium-term financing is projected to reach $26.50 billion over the next four years, compared to a previous deficit of $13 billion, as per a report released in early March by Goldman Sachs.