Egypt’s Suez Canal records all time yearly peak at USD8b in ...| MENAFN.COM

Friday, 27 January 2023 09:54 GMT

Egypt’s Suez Canal records all time yearly peak at USD8b in 2022


(MENAFN) Egypt’s Suez Canal Authority declared announced on Wednesday an all-time yearly income peak, gaining USD8 billion in transit fees last year.

The profit from the key waterway is around 25 percent more than the USD6.3 billion recorded in the year before, after a series of toll rises to support pad Egypt’s siphoned foreign reserves.

The canal is a source of much-needed foreign currency for Egypt, with international investors raising billions out of the import-dependent economy throughout the present disaster caused by Russia’s attack on Ukraine in 2022.

Yearly inflation reached 21.9 percent last month and the domestic currency has decreased to nearly 50 percent of its worth in less than 1 year in successive devaluations required as part of a USD3-billion loan deal with the International Monetary Fund.

The Suez Canal Authority stated that an average of 68 vessels traversed the key waterway day to day in 2022, shipping 1.41 billion tons of cargo, which it also labeled as a “record high.”

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