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Egypt records $3.7bn surplus in balance of payments in FY14/15

Egypt records $3.7bn surplus in balance of payments in FY14/15
Photo Credit: Arabianeye-Reuters

Cairo-Mubasher: Egypt’s Balance of Payments registered a surplus of $3.7 billion in the fiscal year 2014/2015, compared with $1.5 billion in the previous year.

On other hand, the country's current account deficit widened to $12.2 billion in FY14/15, compared with $2.7 billion in FY13/14.

The increase in the current account deficit was mainly attributed to the increase in the trade balance deficit by nearly 13.9% or $4.7 billion to $38.8 billion in FY14/15, against a deficit worth $34.1 billion in the previous year.