Annual core inflation rate rises to 21.5% in November: CBE

Annual core inflation rate rises to 21.5% in November: CBE

The Central Bank of Egypt (CBE) has announced an increase in the annual core inflation rate – according to its indicators – to 21. 5 percent in November, compared to 19 percent in October.

The CBE indicated – in a statement on its website – that the basic consumer price index recorded a monthly rate of 2.7 percent in November, compared to a monthly rate of 0.5 percent in November 2021, and a monthly rate of 2 percent in October.

The CBE issued a statement, on Thursday, November 3, announcing reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth, floating the Egyptian pound.

Egypt first devalued its currency by 48 percent in 2016, allowing it to float freely in order to meet a key demand by the International Monetary Fund to secure a three-year US$12 billion loan.

The CBE announced the devaluation of the Egyptian pound for the second time in March by nearly 17 percent.

The CBE, on Saturday October 1, raised the required reserve ratio in banks from 14 percent to 18 percent.

The CBE confirmed in the periodic bulletin that the decision contributes to restricting the monetary policy it pursues.

In its meeting on Thursday the Monetary Policy Committee of