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Egyptian monetary policy stabilizing pound
Egyptian President Abdel Fattah El Sissi has reappointed Hassan Abdel Allah as Governor of the Central Bank for a one-year term ending in August 2027, reaffirming confidence in his leadership. During his tenure, monetary policies achieved a balance that allowed for relatively stable the Egyptian pound, which has maintained a range between 47 and 55 pounds against the dollar, after the exchange rate reached 24 pounds at the end of 2022. Additionally, foreign exchange reserves increased to approximately $56.3 billion by July 2023, and the bank adopted a more flexible approach to currency market management, focusing on inflation targeting. This helped absorb external shocks and bolster the economy’s competitiveness. However, observers note that the current exchange rate exerts pressure on the budget and citizens, underscoring the need for policies to continue supporting the pound's value.
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