Money targeting key to Egypt reform programme

Central Bank of Egypt. Photo: Muhammad Mansour

The Central Bank of Egypt (CBE) is to maintain a new money-targeting regime as a central element of an International Monetary Fund programme agreed in late 2016. The plan is for the central bank to later transition to inflation targeting.

A new report on the programme, published today (January 18) by the IMF, places the CBE at the heart of reforms. The central bank devalued the Egyptian pound in November and will now begin the process of repairing its much-diminished international reserves.