Bloomberg: The Egyptian pound is the second best performing currency in 2019
11:30 - 11/06/2019
highlighted the agency "Bloomberg" light on inflation rates in Egypt during the month of May, and pointed out that the Egyptian pound has achieved the second best performance in the world against the dollar so far.
Egypt's inflation accelerated over the past month even before the expected interest rate cuts began, the agency said, reducing the likelihood that the central bank would cut interest rates again in the near future.
Consumer prices rose mainly due to higher fruit prices during the month of Ramadan, which increased in May by 18.1%.
According to data from the Egyptian statistical agency, the annual inflation rate for May was 14.1%, compared with 13% in April, ie, inflation increased by 1.1%.
"Rising inflation may not lead to an increase in interest rates, but it means that the central bank may refrain from resuming the facilitation cycle, as policymakers will want to monitor the impact," said Jason Jackson, senior economist at emerging markets at Capital Economics. Support cuts on inflation ".
The previous period witnessed a significant decline in the dollar exchange rate against the pound, which since the beginning of this year has reached more than 100 piasters, according to Egyptian media.
The exchange rate of the dollar on Monday in the National Bank of Egypt and Bank of Egypt, 16.71 pounds for purchase and 16.81 pounds for sale, a decrease of about the previous price. End / 25 m