Egypt current account hits deficit of $1.4 bln in July-Sept quarter

Egypt's current account recorded a $1.4 billion deficit in the three months to September, in contrast to a $610 million surplus in the same period last year when Gulf states provided billions of dollars in aid.

The deficit was driven by a wider trade gap and a contraction in net transfers, according to a statement posted on the central bank's website.

That was partly offset by a rise in foreign direct investment (FDI), driven by a rise in net inflows to the oil sector to $948.1 million from $377.6 million, the bank said.

Official transfers, including cash and commodities, fell to $1.48 billion in the first quarter, which started on July 1, down sharply from $4.33 billion a year earlier, it said.