Financial basis

Egypt’s foreign exchange earnings grew 5.6% year on year

Foreign currencies – Flickr

CAIRO – November 28, 2021: Egypt’s total foreign exchange earnings grew 5.6 percent in 2019/2020, rising to $ 128.9 billion, compared to $ 122.1 billion in 2018/19, according to the annual bulletin of foreign currency receipts and payments statistics in Egypt for the financial year 2019/2020 unveiled.

The Central Public Mobilization and Statistics Agency (CAPMAS) said on Saturday that state revenues were the most important sectors, an increase in foreign exchange earnings, reaching $ 3.9 billion in 2019 / 2020, up from $ 0.7 billion in 2018/19, with an increase of 457.0 percent.

Total foreign currency payments increased 15.3% to $ 2.143 billion in 2019/2020 on an annual basis. Payments to the financial account (portfolio investments) were the most important aspects of foreign exchange payments, reaching $ 27.7 billion, from $ 16.3 billion, marking a 70% increase.

The value of foreign currency receipts was concentrated in terms of geographic diversity in the Arab region, while foreign currency payments were concentrated in terms of geographic diversity to countries on the European continent.

The value of cash transactions (receipts and payments) with COMESA countries, which includes 21 countries (of which Egypt is a member) decreased to $ 4.1 billion, from $ 5.1 billion the previous year , at a time when the balance of monetary transactions increased to reach a surplus of up to $ 2 billion in 2019/2020 against $ 3 billion the previous year, affected by the general trend of consolidation of relations with the countries of the African continent.

The value of cash transactions (receipts and payments) with the European Union (Egypt is not a member) increased to $ 7.75 billion, from $ 3.66 billion the previous year, a 2.14% increase.

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