By: Heba El Kordy

Cairo – Mubasher: Egypt is expected to receive $95 billion US dollar inflows from different sources of foreign income by the end of the current fiscal year, an official at the Central Bank of Egypt (CBE), Fakhry Elfiky, told Mubasher on Wednesday.

Total inflows from a group of sources of foreign income – including tourism, exports, remittances, Suez Canal, and foreign direct investment (FDI) – grew by year-end, compared to $82 billion last year, Elfiky revealed.

The top official noted that Suez Canal return is expected to reach $6.2 billion, adding that oil exports will generate $9 billion.

Egypt’s external debt rose by 20.4% year-on-year to $106.2 billion during the first quarter of 2019 from $88.16 billion, the World Bank announced in a recent report.

Egypt’s foreign exchange reserves grew to $44.351 billion at the end of June, against $44.275 billion a month earlier.

Translated by: Muhammad Abdul-Wakeel