For Q1 2022, domestic economic activity saw a slowed pace of expansion, registering a preliminary growth of 5.4%, compared to 8.3% in Q4 of 2021 (the second highest real GDP growth rate since Q3 2002)
Until the start of the Russia/Ukraine conflict, Egypt’s MPC had not changed interest rates for 10 consecutive meetings
The sudden drop reminded many Egyptians of the November 2016 devaluation, which saw the pound lose nearly half of its value
Being keen on safeguarding the achieved macroeconomic stability, the CBE stresses on the importance of the exchange rate flexibility to act as a shock absorber to preserve Egypt’s competitiveness
The MPC expect global financial conditions to remain accommodative and supportive of economic activity over the medium-term
