The Central Bank of Egypt has published its monetary policy report for the second quarter of 2026, assessing domestic and global developments and their implications for inflation and the Egyptian economy. The report also presents the central bank’s outlook for key economic variables, taking prevailing risks into account. The analysis covers economic activity, external-sector indicators, domestic credit and fiscal conditions. It includes focused sections on exchange rate pass-through to inflation, the current fiscal year’s state budget and medium-term fiscal projections, and the concept, policy relevance and estimation of the neutral real interest rate.