Cairo: The Central Bank of Egypt announced on Monday that Suez Canal transit revenues decreased by 62.3 percent.

According to National Iraqi News Agency, the bank explained in a statement today that the canal’s revenues amounted to approximately $1.8 billion during the first half of the fiscal year 2024/2025, compared to approximately $4.8 billion during the same period of the previous fiscal year.

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