Published on : Wednesday, August 16, 2017
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.
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