Wednesday 07, November 2018 BY KUDAKWASHE MUZORIWA
Egypt's central bank floated the pound currency in November 2016, devaluing by 32.3 per cent to an initial guidance level of EGP 13 pounds to the dollar in a bid to rebalance currency markets.
The Central Bank of Egypt's (CBE) deputy Governor said that the central bank will begin targeting inflation as part of its monetary policy, reported Reuters.
Lobna Helal, deputy Governor of CBE, said that the central bank will move to a flexible inflation targeting framework.
Egypt does not expect to go back to a foreign exchange regime where its currency's exchange rate was fixed, added Helal.