EGYPT

Gulf Cash Boosts Balance Of Payments

Egypt’s balance of payments surplus for the year ending June 2015 more than doubled to $3.7bn from $1.5bn in 2013-14, according to latest statistics from the Central Bank of Egypt (CBE). The increase in the surplus resulted from  net cash inflows of $17.6bn, compared to $5.3bn in 2013-14, thanks to both a rise in foreign direct investment and massive Gulf backing for Egyptian President Sisi. Net inflows of $5.5bn from Gulf Arab...