Minister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels. The Finance Minister explained that the recent exchange rate adjustment is a shift to a flexible exchange rate system that depends on the supply and demand of foreign currency. He confirmed that the Ministry of Finance aims to reduce public debt to 90% of GDP by 2025. The Finance Minister assured that there will be no price hikes during this period.

Source: Daily News Egypt March 10, 2024 11:09 UTC