Egypt surplus of $ 4.5 billion in balance of payment
Egypt, Economics, 10/20/2005

The governor of the Central Bank of Egypt (CBE) Farouq Al-Oqda announced a US $4.5 billion surplus in the balance of payment in the fiscal year 2004/2005.

The CBE, in a press release ascribed that to a surplus estimated at US $2.9 billion in the current transactions balance plus US $3.4 billion net income into the country contrasted with a US $5 billion outflow abroad last fiscal year.

The CB report, moreover, added that Egyptian exports reached US $13.8 billion while the balance of services recorded a surplus of US $7.8 billion up by US $500 million.

The Bank also said that the rise in the balance of trade by 32.5 % marking US $10.4 billion, was due to an increase in commodity exports as a result of a 17.4 % increase in revenues from tourism in FY 2004/2005 to US $6.4 billion along with a 16.1 % rise in Suez Canal receipts to US $3.3 billion.

In the meantime, the International Finance Institute said in its annual report that the Egyptian economic performance has improved beyond expectations, noting a decrease in inflation rates and stability in exchange rates.

The report also lauded the economic reforms adopted by the Egyptian government, especially the customs reforms, together with deregulation of exchange rates.

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