Egypt - A government document says that Egypt will aim to achieve price stability and lower inflation rates to 7% (±2%) by the end of 2024, and to 5% (±2%) by the end of 2026, while keeping it below 5% by 2030. It expects inflationary pressures to ease from this year, with an average inflation rate of 9.2% during 2024-2028. The Central Bank of Egypt (CBE) has been pursuing a tight monetary policy to rein in inflation, which reached 34.2% in December 2023. The MPC has stressed that the interest rate path depends on expected inflation rather than current inflation and that it will use all available tools to reduce monthly inflation and achieve the announced targets. Moreover, the growth rate of exports of outsourcing services would increase by 10% annually to reach a target of $13bn.

Source: Daily News Egypt January 15, 2024 13:36 UTC