PHOTO
Two pairs of US hundred dollar and Egyptian hundred pound notes are held before a window showing the skyline of Egypt's capital Cairo and the Nile river on January 16, 2023. (Photo by Khaled DESOUKI / AFP) Image for illustrative purpose
Egypt’s foreign receipts plunged by 24% year on year (YoY) to $121.9 billion in fiscal year (FY) 2022/2023 from $160.5 billion, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
This decrease was driven by government receipts which fell to $2.4 billion.
Foreign exchange payments dropped by 27% YoY in FY 2022/2023, hitting $135 billion, versus $185.3 billion.
This came as a result of portfolio investments declining to $7.6 billion in FY 2022/2023 from $32.2 billion in FY 2021/2022.
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