Egypt reports 62.3% drop in Suez Canal revenues

The Central Bank of Egypt (CBE) announced on Monday that revenues from Suez Canal transits have dropped by 62.3 percent.

In a statement Monday, the CBE explained that canal revenues amounted to approximately USD1.8 billion during the first half of fiscal year 2024/2025, compared to approximately USD 4.8 billion during the same period of the previous fiscal year, News.Az reports citing foreign media.

The CBE attributed the decline in Suez Canal revenues to a 52.2 percent drop in the number of ships transiting the Canal, noting that the ongoing tensions in the Red Sea have prompted many commercial shipping companies to divert their routes to alternative routes.

News.Az