Egypt’s current account deficit surged dramatically in the 2023/24 fiscal year, ballooning from $4.7 billion to $20.8 billion, according to data from the Central Bank of Egypt,central%20bank%20said%20on%20Tuesday.

Egypt's current account fell into deficit in the second quarter, reversing a rare surplus in the same period of 2023 as imports rose and Suez Canal revenue plunged, the central bank said on Tuesday.

Egypt has lost $6 billion in Suez Canal revenue due to escalating geopolitical tensions in the region, President Abdel Fattah al-Sisi said on Sunday. Speaking during a police graduation ceremony, Sisi said revenue of the international waterway had plummeted by 50 to 60% over the past eight months.