Cairo – Mubasher: Egypt’s annual inflation rates will drop to its normal rates, which range between 12% and 13% within six to nine months, minister of finance Amr El-Garhy said in a broadcast call to CBC channel late Wednesday.
Global oil prices and the current exchange rate have made the rise in fuel prices unnecessary this fiscal year, El-Garhy added.
The Ministry of Finance studies the rise in fuel prices each fiscal year in order to diminish the country’s budget deficit, he continued.
On 10 September, the Central Bank of Egypt (CBE) posted that core inflation retreated to 34.86% in August 2017 from 35.26% in June 2017.
Egypt signed a three-year loan agreement with the International Monetary Fund (IMF) to finance the Egyptian Economic Reform Programme. Under the agreement, Egypt will gradually reduce fuel and electricity subsidies.
