• 02:17
  • Tuesday ,11 September 2012

Egypt Balance of Payments Gap Widens to $11.3BN

by Ahram Online

Home News


Tuesday ,11 September 2012

Egypt Balance of Payments Gap Widens to $11.3BN

Egypt's balance of payments deficit widened to $11.3 billion in the 2011/12 financial year which ended in June, up from $9.8 billion the year before, preliminary figures from the country's central bank showed on Monday.

The country saw an exodus of foreign investors after a popular uprising led to the resignation of president Hosni Mubarak in February 2011 and income from tourism saw a sharp decline.

Egypt's current account deficit grew to $7.9 billion from $6.1 billion in 2010/11, central bank figures showed. The deficit swelled from $27.1 billion to $31.7 billion over the same period.