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Egypt's Current Account Deficit Shrinks on Aid, Foreign Transfers

Egypt's 2013-14 current account deficit shrank to $2.4 billion in the 2013-14 fiscal year from $6.4 billion the previous year, boosted by billions of dollars in foreign transfers, the central bank said on Thursday. The improvement in the current account deficit was driven by a rise in remittances and other payments from abroad, including aid, the central bank said. Net official transfers increased to $11.9 billion in the 2013-14 fiscal year, which ended in June, from $835.6 million...

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