By: Ahmed Allam
Cairo – Mubasher: The Central Bank of Egypt (CBE) is planning to cut inflation rate to 9% in 2020, the CBE’s deputy governor said on Sunday.
The CBE’s strategy aims to support financial inclusion in a bid to reach all social segments, Lobna Helal highlighted in her speech at the third conference for investments in the Middle East.
Egypt’s annual inflation slashed to 11.1% in December, compared to 22.3% in the same month of 2017.
The bank seeks to provide incentives to merge the informal economy with the formal one in an effort to keep pace with global economies, she added.
The CBE is likely to reduce interest rates to a range between 2% and 3% next year, in line with an inflation rate ranging between 13% and 15% in 2019, according to Mubasher statistics.
The International Monetary Fund (IMF) projected Egypt’s inflation to slash to 12.9% this year.
Translated by: Mai Ezz El-Din
