Central Bank of Egypt

Egypt's Suez Canal Authority announced yesterday an all-time revenue record, earning $7 billion during the last fiscal year following a series of toll hikes for vessels transiting the vital waterway.    

Between July 2021 and June 2022 - Egypt's fiscal year - some 1.32 billion tons of cargo were shipped through the canal, Suez Canal Authority (SCA) chief Osama Rabie said.    

The International Monetary Fund has approved a second tranche of a $12 billion loan to Egypt, praising the country's tough economic reforms that have fuelled inflation.

In a statement on July 13, IMF managing director Christine Lagarde said the approval of the roughly $1.25 billion tranche showed "the IMF's strong support for Egypt in these efforts."