r 2017 EM Currency Handbook 2018: Still Fuel in the Tank Regulatory framework and approach • Exchange rate policy and supervision is conducted by the Central Bank of Egypt (hupliwww cbe.orses), which is also responsible for implementing monetary policy. The main policy instruments of the CBE are the overnight deposit

ted in a record 16 percent interest rate — not to mention the high (and rising) exposure of the financial industry to sovereign debt. Worse still, the Central Bank of Egypt has lowered the required reserve ratio twice this year — on March 20 from 14 to 12 percent, then once more on May 28 to 10 percent — to provide lo