(MENAFN) Egypt recorded a deficit of about USD4.1 billion in its current account for the first quarter of the year, compared to an account excess of USD322.9 million year-on-year, Reuters reported.
For the first nine months of the financial year, the deficit peaked at USD8.38 billion, compared with a deficit of USD543.1 million in the corresponding period of the previous financial year.
The deficit is attributed to a huge decline in net transfers and an increased trade deficit, according to a banking statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.