The Central Bank of Egypt (CBE) issued today, Monday, a statement that said that deficit in the current transition balance rose from $ 4.6 billion to $7.6 billion over the period from July through December 2019.
The CBE indicated that transmissions of Egyptians abroad grew from $13.7 billion to $ 15.5 billion during the same months above mentioned.
The statement of the bank revealed that revenues of tourism declined from $ 7.25 billion to $1.8 billion throughout the period from July to December of 2019.
However, Tariq Amer, Governor of the Central Bank of Egypt, affirmed that the bank is still working to contain pressures resulting from inflation which its annual rate slid during last July.
He pointed out that this positive trend was affected by many factors over that year.
He assured that inflation declined to the lowest rate in history.
The Governor of the CBE indicated that the annual percentage of inflation hit 4.2% in July 2020.
He went on to say that inflation has continued to record one-digit figure since June 2019.
The inflation rate is still below6% since February 2020.
On March 23, the Central Bank announced issuing treasury bonds of EGP 12.5 on behalf of the Ministry of Finance to fund the deficit in the public budget of the State.
Official information published on the official website of CBE that the value of the first issuance estimated at EGP 7 billion which be matured after five years.
But the second batch of issuance reached EGP 5.5 billion that will be matured after ten years.
Revenues of the central bank of revenues of Treasury bonds along with loans rose to EGP 145.387 billion at the end of the fiscal year on June 30, 2019.
On the other hand, losses of the CBE reduced to EGP 30.7 billion at the end of the fiscal year in 2019.
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