Egypt Independent

CBE: Annual inflation rate fell to 7.59% in September

Egypt's basic inflation rate increased by 0.22 percent in September while the annual rate fell to 7.59 percent during the same month–compared to 8.16 percent in August–the Central Bank of Egypt (CBE) announced on Monday.

In related news, the CBE has created a new index to gauge inflation that will exclude goods the prices of which have been set by the government. Fruit and vegetable prices, however, which are determined by market forces, will also excluded from the index.

CBE Governor Farouq al-Oqda, meanwhile, is expected to soon announce details of the United Bank of Egypt (UBE)’s first budget. UBE is wholly owned by the CBE.

Al-Oqda is also expected to announce the credit, settlement and delinquency volumes resulting from the merger of three banks–UBE, Nile Bank and the Islamic International Bank for Investment and Development–with the CBE.

Translated from the Arabic Edition.