Egypt Suez Canal revenue drops to 3.108 bln EGP in Feb
A cargo ship passes through the New Suez Canal in Ismailia, Egypt, January 17, 2016. REUTERS/Mohamed Abd El Ghany

 CAIRO: Egypt’s Suez Canal revenue fell in February, reaching 3.108 billion Egyptian pounds after 3.179 billion pounds the month before, data from the canal authority showed.

The website did not explain why a dollar figure for the revenues, which is usually reported, was not given for February.

Egypt’s central bank devalued the pound to 8.85 per dollar from 7.73 on March 14 and announced it would pursue a more flexible exchange rate. It later strengthened the pound to 8.78 per dollar.

A spokesman for the Suez Canal Authority did not respond to requests for comment on the revenue figures.

The canal is one of Egypt’s main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising scared away tourists and foreign investors, other main sources of hard currency.

Reserves tumbled to $16.5 billion in February from around $36 billion before the uprising.

Egypt’s President Abdel Fattah al-Sisi inaugurated an $8 billion expansion of the Suez Canal in August that aimed to double daily traffic and increase annual revenue to more than $13 billion by 2023. But monthly revenues have shown either declines or slow growth levels since the inauguration.

Annual revenue for 2015 showed a decline to $5.175 billion in 2015 from $5.465 billion in the previous year, data from the Suez Canal Authority showed.

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