The impact of central bank independence on inflation targeting with reference to Egypt

The independence of the Central Bank receives great attention, given
its great role in achieving monetary stability, and the importance of this role
is due to the economic and monetary developments, both domestic and
international, that have been witnessed in most of the countries of the world.
The importance of this independence is highlighted by the large and effective
role that the Central Bank plays in designing and implementing monetary policy when it obtains its independence and is not subject to political
considerations or interventions.
The concept of the independence of the Central Bank is devoid of its
freedom to draw and implement monetary policy by setting goals, and
choosing the appropriate tools to reach those goals, provided that the
decisions of the Central Bank are consistent with the general economic policy
of the state.
Given that the concept of Independence is the opposite of the concept
of Dependence, questions have been raised about the independence of the
Central Bank. And before that you depend on whom? What is the degree or
level of that independence or dependency? There is no doubt that the answer
to these questions lies in the nature of the prevailing economic systems and
the existing legislative rules that determine the relationship between monetary
policy and government. The research aims to analyze the impact of
independence as a necessary condition for the Central Bank to exercise its
active role in targeting inflation, achieving monetary stability and the goals
of the country's monetary policy.