World Economy

Egypt C/A Deficit at $4.1b

Egypt C/A Deficit at $4.1bEgypt C/A Deficit at $4.1b

Egypt’s current account deficit registered $4.1 billion in the three months to March from a surplus of $322.9 million in the same period the previous year, according to Reuters calculations. The deficit stood at $8.38 billion in the nine months of the fiscal year which began on July 1, compared with a deficit of $543.1 million in the same period the previous fiscal year, the central bank said on Sunday. The deficit was driven by a contraction in net transfers and a wider trade deficit, according to a statement posted on the bank’s website. Official transfers, including cash and commodities, fell to $6.4 million for the quarter, down from $3.8 billion a year earlier, calculations showed.