CBE: US$ 4.1 billion in tourism revenues during the first quarter

CBE: US$ 4.1 billion in tourism revenues during the first quarter

The Central Bank of Egypt revealed, in the Balance of Payments report, that tourism revenues rose by 43.5 percent to record US$ 4.1 billion compared to US$ 2.8 billion during the same of last year

The CBE said that this is mainly attributed to the rise in the number of tourist nights by 47.1 percent to 43.6 million.

There have also been rises in the number of tourist arrivals to Egypt by 52.2 percent to register 3.4 million.

Meanwhile, the report said that the Egyptian workers’ remittances went down by 20.9 percent to register US$ 6.4 billion compared to US$ 8.1 billion during the same period of last year.

Also the investment income deficit expanded by 16.8 percent to US$ 4.5 billion from US$ 3.9 billion a year ago.

The reported noted that an improvement in the current account deficit by 20.2 percent is the reason behind the register of US$ 3.2 billion, compared with US$ 4.0 billion in the same period of the preceding fiscal year.

This came mainly due to the increase in both tourism revenues and merchandise exports (oil and non-oil).

This is together with the rise in Suez Canal receipts, the report said.

The report said that the portfolio investment in Egypt recorded a