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Egypt sees balance of payments move into deficit

Egypt's central bank has said the country's balance of payments swung into a deficit of $6.1bn in the first quarter, Reuters has reported. The balance was "affected by the repercussions of the events Egypt and the Arabic region are passing through, which have negatively affected revenue from tourism and foreign investments," the central bank said. Tourism revenue plunged to $1.79bn in the first quarter from $2.72bn a year earlier.