CBE succeeds in controlling high inflation- IMF

The Central Bank of Egypt (CBE) has managed to control the high inflation, ensued from the devaluation in 2016, said IMF’s Director of the Middle East and Central Asia Jihad Azour on Thursday.

Inflation peaked to more than 30 percent after devaluation, but it receded to less than 10 percent, and and is expected to continue its slow down for the rest of 2019, Azour said in TV interview.

Tackling the high inflation rates was one of the main goals of the economic reforms, which was addressed by CBE through its monetary policy, he added.

On Wednesday, IMF board voted to disburse the final $2 billion tranche of a $12 billion loan to Egypt.

Egypt has successfully completed the three-year arrangement under the Extended Fund Facility and achieved its main objectives,” IMF said.

Before reforms, the Egyptian economy has been suffering from several challenges such as inflation, deficit, low foreign reserves, and other fundamentals, Azour pointed out, saying that all these fundamentals have improved as reforms started paying-off.

Source: State Information Service Egypt