CAIRO, June 19 Egypt's current account deficit narrowed in July-March, supported by stronger tourism revenues and a shrinking trade deficit, data showed on Wednesday.
The current account deficit shrank in the nine months to end-March to $3.9 billion compared to $7.1 billion in the nine months to March 2012, the central bank said in a statement.
Offering slight respite to an economy hurt by dwindling foreign currency reserves, the first three quarters of the fiscal year saw tourism revenue rise to $8.08 billion, up 14 percent on a year earlier. Unrest following the revolution of early 2011 discouraged visitors.
Foreign Direct Investment (FDI) inched up to $1.4 billion from $1.2 billion in the first nine months of the last fiscal year.
This was mainly a result of a contraction in net investment outflows in the oil sector, which stood at $607.5 million, down from $2.1 billion.
Workers' remittances rose, bringing $13.9 billion into Egypt, up from $12.9 billion.
The trade deficit narrowed 2.7 percent to $23.8 billion with merchandise exports rising to $19.8 billion while merchandise imports were steady at $43.6 billion.
CORRECTED-UPDATE 2-U.S. to seek to block DraftKings, FanDuel fantasy sports merger
WASHINGTON, June 19 The U.S. Federal Trade Commission said on Monday it will seek to stop the merger of DraftKings and FanDuel, because the combined company would control more than 90 percent of the U.S. market for paid daily fantasy sports contests.