CBE: Total surplus of US$2 bn at balance of payment during first half of 2013-2014

Central Bank of Egypt (CBE) announced a total surplus of around US$2 billion at the balance of payment during the first half of the fiscal year 2013-2014, compared to a deficit of around $551.5 million during the same time of last fiscal year.

 

In a statement, CBE expressed decline in the current assets, which reached $755.8 million, compared to a deficit of around $4.9 billion at the same period last year. Capital transactions and financial accounts reached around $3 million.

 

Trade deficit saw improvement of around 16.8 percent reaching $15.4 billion, compared to $18.5 billion, as a result of declining payments of imports by 7.4 percent reaching $28 billion, compared to $30.2 billion, increasing exports by 7.5 percent reaching $12.6 billion, compared to $11.7 billion.

 

CBE indicated to increase in flow of direct foreign investment in Egypt reaching $2.8 billion, compared to $2.5 billion, reaching $1.05 billion, compared to $979.6 million. Increase of investment flow in petroleum sector achieved $1.7 billion, compared to US$1.5 billion.