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Why Has the Central Bank of Egypt Been Unable to Achieve The Goal of Price Stability Under the Economic Reform Program?

  • Ibrahim L. Awad

This paper assesses the performance of the monetary policy in Egypt during the periods following the introduction of the economic reform and structural adjustment program (ERSAP). It sets out to answer the question why the Central Bank of Egypt (CBE) has not been able to achieve the goal of price stability under the ERSAP? The study compares the economic performance from the 1990s with both its counterpart in Germany, during the same periods, and with the economic performance of the Egyptian economy during the periods before the 1990s, i.e., 1975-1990. The study concludes that the CBE could have brought the rate of infl ation down; nevertheless, the unemployment and real GDP growth rates have worsened and a price stability is still far away. The failure to achieve price stability is explained by two reasons, namely, a conflict between monetary policy objectives and a chronic budget deficit financed by issuing new money.

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Article provided by University of Economics, Prague in its journal Acta Oeconomica Pragensia.

Volume (Year): 2010 (2010)
Issue (Month): 6 ()
Pages: 27-48

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Handle: RePEc:prg:jnlaop:v:2010:y:2010:i:6:id:320:p:27-48
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  1. Ibrahim L. Awad, 2009. "Did Egypt Satisfy Prerequisites for an it Regime?," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2009(6), pages 63-80.
  2. Ibrahim L. Awad, 2008. "Towards measurement of political pressure on central banks: the case of the central bank of egypt," Prague Economic Papers, University of Economics, Prague, vol. 2008(3), pages 254-275.
  3. Kamar Bassem & Bakardzhieva Damyana, 2005. "Economic Trilemma and Exchange Rate Management in Egypt," Review of Middle East Economics and Finance, De Gruyter, vol. 3(2), pages 1-24, August.
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