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Central bank says to target inflation as part of monetary policy

Wednesday 07 November 2018 12:58 PM

The Central Bank of Egypt
The Central Bank of Egypt

Egypt’s central bank will begin targeting inflation as part of its monetary policy, its deputy governor said on Tuesday.

“We will move to inflation targeting, a flexible inflation targeting framework,” said Lobna Helal, deputy governor of the Central Bank of Egypt at a conference in Abu Dhabi.

She also said Egypt does not want to go back to a foreign exchange regime where its currency’s exchange rate was fixed.

In November 2016, Egypt’s central bank floated the pound currency, devaluing by 32.3 percent to an initial guidance level of 13 pounds to the U.S. dollar in a move to rebalance currency markets.