Egypt Delays Rates Decision as Amer Urges Economic Reforms

Egypt’s central bank delayed a scheduled rate decision for a week and Governor Tarek Amer held talks with top ministers after saying the bank’s objectives can’t be achieved without “full coordination” with the government.”

The Monetary Policy Committee said that should include “targets for fiscal consolidation, current account outturns and the implementation of urgent structural economic reforms,” according to a statement on the central bank’s website.

Amer was named governor last month as Egypt struggles with a foreign-exchange crunch threatening to derail its nascent economic recovery. His appointment fueled speculation that the central bank may abandon the capital controls put in place by his predecessor and devalue the pound to counter the dollar squeeze.