For the first time in 2024, Egypt’s interest rate has stabilized. The Central Bank announced on Monday that the rate is now 27.75%, following two consecutive hikes totaling 800 basis points.
Inflation also fell to 28.1% in May, down from 32.5% in April.
This stabilization follows the government’s decision to liberalize the Egyptian pound’s exchange rate on May 23.
The Central Bank attributes this success to its monetary tightening policy, which has reduced inflation and stabilized exchange rates.
The Central Bank’s report forecasts that inflation will continue to…
