The central bank lowered its inflation outlook from its previous Monetary Policy Committee (MPC) meeting in August, citing recent developments that were more favorable than previously expected, according to its monetary policy report issued Thursday.
Total foreign assets held by the banking sector, including the CBE and commercial banks, rose to EGP 5.146 trillion in July from EGP 4.939 trillion a month earlier.
The measures restrict the branch’s access to the US financial system and dollar correspondent banking services, according to the US Treasury.
The decision comes as the CBE assesses a gradually improving inflation outlook, despite continued regional and global uncertainties and renewed volatility in energy and commodity prices.
Prepared under the leadership of the Central Bank of Egypt (CBE), the report covers 46 African countries, representing around 90% of Africa's GDP and 85% of the continent's economies.
