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Egypt Posts Surplus

Egypt Posts SurplusEgypt Posts Surplus

Egypt’s financial dealings with the outside world turned positive last fiscal year after an influx of foreign investment following the flotation of the pound in November, Bloomberg reported. The North African nation recorded a balance of payments surplus of $13.7 billion in the year ending June 30, compared with a $2.8 billion deficit a year earlier, the central bank said in a statement on its website. Egypt saw about $16 billion of net investments in its debt and equities last year, versus an outflow of about $1.3 billion in the previous 12 months, the regulator said.

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