Egypt’s monetary policy heads in right path – Ezz Alarab

Egypt’s monetary policy is heading in the right path, according to Hisham Ezz Alarab, Board Chairman of Egypt’s Commercial International Bank (CIB), as long as there is liquidity available for buying and selling.

He stated in a blog post on the X platform that discussing the fair rate of the pound relative to the US dollar is still premature, adding that the exchange rate of the Egyptian currency is not the main objective because it is set by supply and demand.

“We have started the process of effectively implementing reform, but it is still in its early stages. But the availability of liquidity in its legal channels through the creation of a single exchange market has been the measure of success,” he added.

He clarified that the ultimate objective of stabilizing the lives of nations and their citizens is to target inflation, which will be accomplished by limiting borrowing, lowering the public debt, and the overall deficit of the public budget.