Egypt’s account deficit widens to $7.6 billion

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Egypt’s current account deficit widened to $7.6 billion in July-December 2020 from $4.6 billion a year earlier, the central bank said on Monday.

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Remittances from Egyptian workers abroad rose to $15.5 billion from $13.7 billion a year earlier, while tourism revenues dropped to $1.7 billion from $7.25 billion in the same period in 2019.

Early last month, Bloomberg had reported that Egypt’s headline inflation accelerated at its fastest pace since December but remained below the target range, making rising global bond yields a more important factor in the coming rate decision.

The annual inflation rate climbed to 4.5 percent in February from 4.3 percent in January after two consecutive months of deceleration. On a monthly basis, consumer prices inched up 0.2 percent, the state-run statistics agency CAPMAS had said in a report.

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