Despite the CBE's currency adjustment causing a significant drop of 62% in the local currency against the USD, the pound demonstrated resilience and remained stable 24 hours after the float.
Governor Hassan Abdalla emphasized the severity of inflation as the most pressing challenge faced by any economy
President El-Sisi issued the Presidential Decree No. 551 for the year 2023, essentially reshuffling the central bank’s board of directors and extending Abdallah’s one-year term until 2024, effective November 27, 2023
Madbouly stressed that the government will work to ensure that there is an abundance of various commodities in the markets, which will contribute to lower prices, especially food commodities
The conference was organized by the South Korean Ministry of Economy and Finance and the Korea Export-Import Bank, in cooperation with the African Development Bank (AfDB)
