The Central Bank of Egypt said that the deficit of the current account balance reached $13.3 billion over the period from July 2020 to March 2021, compared to $7.3 billion in July 2020.
The deficit increased after a fall of tourism revenues from $9.6 billion over the past fiscal year to $3.1 billion, which CBE alluded to the decline of international tourism due to COVID-19. Non-oil balance of trade deficit increased also to $30.7 billion by 12.7 per cent, while direct foreign investment decreased to $4.8 billion, down by 19.3 per cent.
The total due debt entitlements amounted to EGP 1.172 billion in the governmental budget of 2021/2021. The government sought to decrease the budget deficit through raising revenues from taxes to EGP 983.1 billion.
