CAIRO - 6 March 2024: The Cabinet, in its meeting on Wednesday, approved the launch of the seventh phase of the Instant Payment Initiative to settle export burdens, with a value of LE 8 billion. At the beginning of the Cabinet session, Mostafa Madbouly praised the important decisions taken by the Central Bank earlier in the day. The Prime Minister added that these steps aim to unify the exchange rate, a crucial measure that contributes to eliminating the accumulation of demand for foreign currency, following the closure of the gap between the official market exchange rate and the parallel rate. The Prime Minister stressed the continued coordination between the government and the Central Bank in the coming days to closely monitor the markets and understand the impact of these decisions. "Our goal in this stage is to work and coordinate with the Central Bank to reduce inflation rates, regulate debt, and transition it to a downward path.

Source: Egypt Today March 06, 2024 16:22 UTC