13 billion dollars in transfers of foreign profits from direct and indirect investments 2020/2021

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The Central Bank said that investment payments rose by 676 million dollars to record 13 billion dollars, reflecting the profits achieved on foreign direct investment, interests and distributions on foreign investments in Egyptian bonds and securities.

He stated that this caused the investment balance deficit to rise by 9.2% to reach 12.4 billion dollars, compared to 11.4 billion dollars, especially with the decline in the proceeds of investment income by about 396.2 million dollars to be limited to 572.9 million dollars due to the decrease in interest on deposits abroad.

The Central Bank revealed that the Egyptian economy’s transactions with the outside world during the last fiscal year achieved a total surplus of about one billion dollars, compared to a deficit of about 8.6 billion dollars during the previous fiscal year 2019/2020.

The Central Bank said that this is an indication of the ability of the Egyptian economy to recover quickly from crises that may face the global economy
He pointed out that this total surplus was achieved despite the rise in the current account deficit to about $18.4 billion, compared to about $11.2 billion during the previous fiscal year.

However, he mentioned that this rise is temporary and came as a main result of the noticeable drop in tourism revenues to less than half of what was achieved during the previous fiscal year, affected by the strong shock to international tourism following the pandemic, which the world is still suffering from.

 

The article 13 billion dollars in transfers of foreign profits from direct and indirect investments 2020/2021 was written in Al Borsa newspaper.