During the Cabinet weekly meeting on Wednesday 6 March, Prime Minister Mostafa Madbouly commented on the the Central Bank of Egypt’s (CBE) decisions issued that morning and how the government plans to deal with them.
He said that unifying the official and parallel market exchange rates is an extremely important measure that contributes to eliminating the accumulation of demand for foreign currency, pointing out that the expected elimination of the parallel market will contribute to curbing inflation.
The government will go on with its policies to rationalise spending, Dr Madbouly said, and will promote policies that lead to increase the private sector’s share in the Egyptian economy.
He stressed that the government’s goal at the current stage is to work and coordinate with CBE in order to reduce inflation rates, and control and reduce Egypt’s debt.
“We are carrying on with the structural reform programme which focuses on promoting the industrial, agricultural, and communications sectors,” Dr Madbouly said.
Watani International
7 March 2024