What:
Egypt’s current account widened by 440% YoY in H1 23-24, according to Enterprise’s calculations.
Did you think that the Ras El-Hekma deal and the EGP floatation would fix everything?
No worries. The H1 of the FY is from July to December, which does not reflect the USD 35 billion Emirati deal for the development rights in Ras El-Hekma.
The culprit?
exports dwindled on the back of a heavy 63% fall in exported oil and a 21% fall in remittances.
But we also imported less oil,
around 5% less. We also saw a 21% increase in the Suez Canal revenues despite the geopolitical circumstances, tourism revenues also increased 6%.
