No further inflation impact from Egypt’s currency float – central bank governor

Big 5

Egypt’s floating of its currency has already had its effect on inflation and will not impact it again, Central Bank Governor Tarek Amer asserted in an interview on Friday.

“The inflationary shock has happened, liberalising the exchange rate will not have an effect on inflation again,” Amer told local broadcaster DMC in a televised interview.

Egypt’s core inflation soared to its highest level in more than a decade, hitting 30.86 percent in January. The central bank abandoned its currency peg to the U.S. dollar on Nov. 3.

Source: Reuters