CAIRO (Reuters) – Egypt’s current account fell into deficit in the second quarter, reversing a rare surplus in the same period of 2023 as imports rose and Suez Canal revenue plunged, the central bank said on Tuesday.
It was the first full quarter reported since Egypt sold the rights to develop prime Mediterranean coastline to Abu Dhabi for $35 billion in February and signed an $8 billion financial support programme with the International Monetary Fund in March.
The current account flipped to a $3.71 billion deficit in the April-June quarter from a $557 million surplus a year earlier, according to Reuters calculations. Egypt, long suffering from chronic currency crises, has recorded only two quarterly surpluses in the last few years.
