inflation
A decrease in annual food inflation, which settled at 45 percent in March, its lowest since December 2022, was noted as a driving factor
Egypt's annual inflation rate declined to 33.1 percent during the month of March, compared to 36 percent during the month of February, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The statements were made during the Mother’s Day ceremony attended by the president and First Lady Intissar al-Sisi.
That is in light of the recent inflow of funding and investments as well as the investment promotion programmes implemented last year.
“Ensuring a flexible exchange rate system is one of the IMF’s prerequisites for the loan, and this is what the Central Bank of Egypt is focusing on,” Economic Expert Karim Nassar stated in an interview with Egypt Today.
Previously, individuals who obtained credit cards issued on or after December 21, 2023, were required to wait a minimum of six months before engaging in foreign exchange (FX) transactions
He highlighted the detrimental effects of maintaining dual exchange rates, which lead to instability
The IMF loan has been augmented and increased to $8 billion instead of $3 billion "due to significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts," according to the IMF statement
Additionally, the discount rate has been raised by 600 basis points to 27.75 percent
This initiative is a response to the government's directive to address the recent market price discrepancy and restore order.
Specialists and government representatives have continued to discuss economic challenges on the third day of phase two of the National Dialogue, a platform to exchange perspectives on key political, economic, and social issues.
Annual urban consumer price inflation (CPI) fell to 29.8 percent in January, dropping from 33.7 percent in December, wrote CAPMAS in its monthly bulletin
The president said that there was a need for a “thorough national dialogue” on the Egyptian economy.
President Sisi highlighted that the complicated international and regional circumstances imposed major economic challenges to Egypt.
This marks a revision from the bank's previous forecast of 4 percent for the same period.
Egypt’s urban consumer price inflation (CPI) dropped to 33.7 percent in December from November’s 34.6 percent, while prices climbed 1.4 percent month-on-month in December compared to a rise of 1.3 percent the month prior
The NBE raised LE 7 billion and Banque Misr secured LE 4 billion
The price of gold increased by almost 13.1 percent during 2023 and recorded its highest historical level last December 3 for $2,146.79 for an ounce, according to American Bullion
Prime Minister Mostafa Madbouli stated that the Egyptian state needs to utilize this year and part of 2025 to overcome the current economic crisis and return to the economic levels of 2021.
Furthermore, the monthly inflation rate for the total republic stood at 0.9% in November 2023, showcasing a positive trend in comparison to the 1.2% recorded in September 2023
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