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Egypt to Loosen Monetary Policy Soon, Central Banker Says

  • FIrst central bank wants to be sure inflation is under control
  • Easing of inflation rate opens door for interest rate cuts
Updated on

Egypt’s central bank plans to start easing monetary policy “soon,” once it’s convinced inflation has been reined in, Governor Tarek Amer said on Tuesday.

“We want to make sure inflation is under control before we move so we don’t have to go back,” Amer told reporters in Cairo during a conference on financial technology. The central bank’s Monetary Policy Committee, which has raised the benchmark interest rate by 700 basis points since the pound was floated in November 2016, is scheduled to meet Feb. 15.