Egypt's Budget Deficit Drops Amid Currency Fluctuations

Egypt's total budget deficit has decreased to 505 billion Egyptian pounds ($10.48 billion) for the fiscal year ending June 30, 2023/24, from 610 billion pounds in the previous year, according to a statement by the finance minister on Wednesday.

The country achieved a preliminary budget surplus of 857 billion Egyptian pounds, a significant increase from 164 billion pounds in the previous fiscal year, the minister noted.

Egypt devalued its currency in March in an effort to curtail rising inflation. The Egyptian pound, which had been fixed at 30.85 for a year, fell to under 50 and is currently trading at approximately 47 to the dollar. ($1 = 48.1700 Egyptian pounds)

(With inputs from agencies.)