Egypt inflation to slow down in 2023 – c.bank deputy governor

Egypt’s inflation rates will start to slow down in 2023, said Central Bank of Egypt deputy governor Rami Aboul Naga at the Egyptian Economic Conference (EEC 2022) on Sunday.

Aboul Naga further said that Egypt managed to cut down inflation rates from 30 percent to around 4 percent in 2017 thanks to the central bank’s economic reform policies. However, the Russian war in Ukraine has its adverse spillovers to the global economy.

Rising U.S. interest rates have had inflationary pressures on the emerging markets, he added.

“We have raised interest rates as precautionary measures to control inflation and sterilise excess liquidity.” Aboul Naga

The International Monetary Fund (IMF) forecasted that global inflation will likely decrease to 6.5 percent in 2023 and to 4.1 percent by 2024, given the tightening of monetary policy across the world to combat inflation, he noted.