Central Bank of Egypt battles to contain devaluation impact
Inflation has rocketed since Egypt aligned official and black market exchange rates
The Central Bank of Egypt (CBE) has tightened its monetary policy and launched a new communications initiative as inflation spirals in the aftermath of the country’s devaluation.
On May 21, the central bank’s monetary policy committee chose to hike the headline rate and the interest rate corridor by two percentage points, bringing the policy rate to 17.25% and the bounds of the corridor 50 basis points to either side.
The central bank’s primary concern is the rapid rise of inflation, which hit
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