CAIRO – Egypt’s current account deficit almost doubled in the first nine months of 2015/16 to $14 billion from $8 billion in the same period a year earlier, central bank governor Tarek Amer said in remarks in state newspaper Al Alhram.
Egypt’s economy is struggling to recover after a mass uprising in 2011 drove away tourists and foreign investors, major sources of hard currency.
“The deficit… reached $14 billion in the first nine months of the previous financial year, from July 2015 to March 2016, compared with $8 billion in the same period a year earlier,” Amer said.
Egypt has yet to announce its balance of payment figures for the period. (Reuters)