
Egypt current account deficit narrows to $13.2 billion in nine months through March
The bank attributed the slimmer deficit to an 86.6% increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to 23% higher tourism revenue.
Oil exports declined by $430.5 million to $4.2 billion, from $4.6 a year earlier, while oil imports increased by $4.8 billion to $14.5 billion, from $9.7 billion.
Egypt has been seeking to import more fuel oil and liquefied natural gas this year to meet its power demands after enduring blackouts during periods of shaky gas supply in the past two years.
Concerns intensified after the supply of natural gas from Israel to Egypt dropped during Israel's air war with Iran.
Suez Canal revenues declined to $2.6 billion, from $5.8 billion in a year earlier, as revenue from the vital global trade route continued to suffer because of Yemeni Houthis' attacks on ships in the Red Sea.
The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.
Meanwhile, Egypt's tourism revenue reached $12.5 billion from July 2024 through March 2025, compared to $10.9 billion in the same period a year earlier.
Remittances from Egyptians working abroad increased to $26.4 billion, from $14.5 billion.
Foreign direct investment hit $9.8 billion, compared to $23.7 billion.
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Howeva, afta di Starlink network go off Musk say dem dey work to restore am and e no go happun again. "Service go dey restored shortly. Sorry for di outage. SpaceX go remedy root cause to ensure say e no happun again," Musk tok for X. Wetin cause Starlink outage? According to Michael Nicolls, VP of Starlink Engineering, na internal software service bin cause di outage wey make network go off. E say dem don restore di network and dem dey work to find wetin cause am so e no go happun again. "Starlink don dey mostly recova from di network outage, wey last for about 2.5 hours. Di outage na sake of failure of key internal software services wey dey operate di core network," Nicolls tok for X. Starlink for dia own reply say dem sabi how important e dey to dey connected, and dem beg say make pipo no vex for di kasala. How big Starlink presence be for Africa? Starlink dey operate for more dan 20 African kontris, wit Somalia, wey dey suffer from Islamist insurgency - give am10-year licence on 13 April, two days bifor Lesotho decide to give dem too. Starlink dey provide high-speed internet services to remote or underserved areas, e be a potential game-changer for rural areas wey no fit access traditional forms of connectivity such as mobile broadband and fibre. Dis na beco Starlink, instead of relying on fibre optics or cables to transmit data, dey use a network of satellites for low Earth orbit. Becos dem dey closer to di ground, dem get faster transmission speeds dan traditional satellites. Nigeria na di first African state to allow Starlink to operate, for 2023. Di company since dat time don grown into di second-biggest internet service provider for di most-populous kontri for Africa. But Starlink no still get any presence for South Africa - di most industrialised nation for di continent. 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Di report say Starlink na di satellite internet service wey di billionaire provide early for di war to help Ukraine military maintain battlefield connectivity. According to three pipo wey dey familiar wit di command, dem tell Reuters say Musk bin tell one senior engineer for di California offices of SpaceX, di Musk venture wey dey control Starlink, to cut coverage for areas wey include Kherson, a strategic region north of di Black Sea wey Ukraine bin dey try to reclaim. "We gatz do dis," Michael Nicolls, di Starlink engineer, tell colleagues as e receive di order, one of dis pipo tell Reuters. Di report say staff bin obey, di three pipo tell Reuters, say dem deactivate at least hundred Starlink terminals, dia hexagon-shaped cells go dark for internal map of di company coverage. Di move bin also affect oda areas wey Russia seize, including some of Donetsk province inside east. 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Reuters report say Musk and Nicolls no respond to dia requests for comment. But one SpaceX tok tok pesin say through mail say wetin di news agency bin report dey "inaccurate" and refer reporters to X post earlier dis year wia di company say: "Starlink dey fully committed to provide service to Ukraine." Di office of Ukrainian President Volodymyr Zelenskiy and di kontri Ministry of Defence no respond to Reuters requests for comment. Starlink still dey provide service to Ukraine, and di Ukrainian military rely on am for some connectivity.