Egypt’s PM praises CBE’s decisions

Egypt’s Prime Minister Mostafa Madbouly praised the central bank’s decisions to free-float the local currency. These remarks came during the weekly government meeting on Wednesday.

Madbouly emphasised the need for exchange rate uniformity to end the build-up of demand for foreign currency.

Moreover, he emphasised the government’s commitment to rationalising spending and supporting the private sector’s contribution to the Egyptian economy.

He stressed the importance of coordination between the government and the central bank to monitor the market closely and understand the impact of these decisions.

Furthermore, he reiterated the government’s focus on reducing inflation rates, regulating debt, and implementing structural reforms to boost various sectors like industry, agriculture, and communication, while also supporting the private sector’s role in the economy.