The Monetary Policy Committee (MPC) meeting took three hours Thursday and ended without reaching a decision regarding the interest rates on EGP.
CBE had decided to reconvene on 24 December to discuss the future of the interest rates on the Egyptian pound. With this postponement, CBE targets to coordinate with the government regarding the goals it seeks to realise, according to their statement.
The first Coordinating Council meeting is Thursday to discuss these goals and CBE is keen on fulfilling its mandate of price stability for the purpose of sustainable economic growth and creating job opportunities.
This mandate is only achievable by full coordination and commitment on macroeconomic objectives with the government including targets for fiscal consolidation, current account out turns, and the implementation of urgent structural economic reforms.