Egypt's central bank reports current account deficit surges

Egypt's current account deficit surged to $5.9 billion in the July-September 2024 quarter, from $2.8 billion a year earlier. The central bank attributes this increase partly to a significant drop in Suez Canal revenues, which plummeted 61.2% to $931.2 million from $2.4 billion. The decline in canal activity, down 51%, follows Red Sea tensions, where Iran-backed Houthis' attacks on vessels have caused shipping companies to alter routes, adversely impacting Egypt’s key economic sector.