The Egyptian Cabinet’s Information and Decision Support Center (IDSC) indicated that Egypt’s balance of payments achieved a $1.9bn surplus in fiscal year (FY) 2020/21.
The IDSC said that surplus was the result of recording a net capital inflow of $23.4bn during FY 2020/21, compared to $5.4bn during FY 2019/20
It pointed out that this was the result of an improvement in foreign investments in the securities portfolio, achieving a net inflow of about $18.7bn.
In addition, there was a slight increase in foreign direct investment in the non-oil sectors, by $70.2m.
While other factors limited the exacerbation of the current account deficit, most notably: the increase in remittances from Egyptians working abroad, which grew by 13.2% to $31.4bn during FY 2020/21.
Also, the petroleum trade balance deficit decreased to $6.7m during FY 2020/21, compared to FY 2019/20.