Quarterly revenue of tourism in Egypt triples

Published on : Wednesday, August 16, 2017

images (2)In the last three months of this year, the international tourism receipt of Egypt increased by three notches and worker remittances improved simultaneously highlighting another step in the recovery of the financial condition of the country from a paralyzed dollar shortage.

The fourth quarter of this year saw a rise in tourism revenue to $1.5 billion till the end of June 30th which was $510 million during the same time last year, as per the central bank data shared with Bloomberg. The full-year receipts increased by 16 percent to $4.4 billion. Remittances increased 9 percent to $4.8 billion in the fourth quarter of 2017, and increased 2 percent to $17.4 billion for the year.

The data shows steady development in external finances of Egypt ever since November as authorities started a new economic program which comprise floating exchange rate of the currency and cutting subsidies as kind of a preface in order to achieve $12 billion IMF loan. In the first nine months of this year, the shortage in the current account narrowed 12.4 percent to $13.2 billion that holds incoming and outgoing goods, services and transfers.

“Egypt’s main foreign-currency earners are finally bouncing back, closing in on levels similar to those prevalent before the 2015-2016 crisis,” said Reham El Desoki, senior economist at regional investment bank Arqaam Capital.

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 02 WTM London 2018
  • 03 imexamerica 2018
  • 07 miltcongress 2018
  • 08 theleisureshow 18
  • 09 cibtm 2018
  • 09 Seatrade Cruise Med 2018
  • 10 ITE-HCMC 2018
  • 13 aite 2018
  • 15 TravelDaily TDC 18
  • 16 OTDYKH 2018
  • 17 Hotel Show dubai 18
  • 18 hospitalityqatar 18
  • 18 Hotel Management Asia Summit 2018
  • 18 thincindonesia 2018
  • 19 bricsaconsulting 2018
  • 20 CITE_TTW 2018
  • 20 europecongress 18
  • 20 sahicsouthamerica 2018
  • 21 bitmchina 2018
  • 22 Hotel Management Singapore Summit 18
  • 23 PTM 2018
  • 30 PATA

TRAVEL INDUSTRY EVENTS

Get our toolbar!
Review www.travelandtourworld.com on alexa.com