According to recent data from the Ministry of Finance, the average annual inflation rate is expected to fall to 10.5 percent next fiscal year compared to 12.2 percent of this one.
Ahmed Kajuk, Deputy Finance Minister for Financial Policies said on Wednesday during a meeting of the Arab Central Banks and Monetary Authorities, that the average exchange rate of the dollars is expected to record EGP 17.8 during the next fiscal year compared to EGP 17.16 throughout today’s trading.
In 2017, The annual inflation rate has recorded a significant hike, affected by the reform measures taken by the government, including the liberation of the pounds, in addition to the gradual removal of energy subsidies.
“The highest rate in nearly three decades was reported in July 2017 at 34.2 percent,” Kajuk added.
Annual inflation began to decline considerably from November 2017 to May 2018, before returning to climb again after fuel prices rose again in June,” he pointed out.
The central bank aims to reach a single digit annual inflation of 9 percent by Q4 2020.