Cairo – Mubasher: Egypt is expected to see more inflation spree in 2017, according to the view of number of economists surveyed by Mubasher.
Egypt’s annual headline inflation hit its highest level in at least seven years to register 20.2% in November 2016 compared to 11.8 percent for the same month last year, according to CAPMAS.
Mid November, the Central Bank of Egypt decided to float the Egyptian pound against the dollar as well as raised key interest rates, while the government reduced subsidies on fuels.
“The USD – EGP rate may start to decline by the fourth quarter of the fiscal year 2016 – 2017,” said Eman Negm, Economist at Prime Holding.
“The government should keep close eye on prices of products in addition to enhancing exports and local produced goods in order to curb inflation rate,” added Negm.
