Egypt's accounts swing back into red after 3-month surplus

Egypt is reporting a deficit in their accounts following a 3-month surplus from July to September that was created by the millions in aid from Gulf nations after Egypt's former president, Mohammed Morsi, was overthrown.

Egypt recorded a deficit of $755.8 million in the six months ending in December. The account recorded a surplus of $757 million in the months of July to September. Poor tourism rates and a trade deficit have contributed to the money hemorrhage in the country.

While Gulf states sent billions in aid, the United States reviewed and cut what aid they were giving after Morsi was overthrown, which the U.S. considered an unlawful coup.

[Wochit]