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 countries – namely Saudi Arabia, Kuwait, the UAE and Oman – compared to $1.9bn the previous year. Net FDI inflows were $6.4bn in 2014-15, up from $4.1bn.

But the current account deficit increased sharply to $12.2bn in 2014-15 from $2.7bn. A 14% rise in the trade deficit was driven by a 16% fall in exports, whilst imports rose by 1%. The value of oil exports in 2014-15 fell by 30% to $8.7bn, and that of oil imports by 7% to $12.4bn, due to the collapse in oil prices. (CONTINUED - 250 WORDS)