Egypt’s foreign exchange receipts drop 1.7% in FY20/21

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Cairo – Egypt’s total foreign exchange receipts during fiscal year (FY) 2020/2021 registered $126.7 billion, a decrease of 1.7% from $128.9 billion in FY19/20.

This decline was attributed to lower government receipts, which totalled $0.5 billion during FY20/21, data from Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) showed.

Total foreign cash payments stood at $129.5 billion during FY20/21, compared with $143.2 billion in FY19/20, representing a drop of 9.6%.

Members of the Arab League represented 42.4% of total inward foreign exchange receipts at $53.7 billion. Saudi Arabia topped the list with receipts worth $23.5 billion.

European countries accounted for 38.6% of total outward foreign exchange payments at $50 billion. The UK came in the first place with payments of $11.8 billion, followed by Germany with $8 billion in payments.