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Financial Inclusion is critical for the competitiveness, employment creation, and for raising incomes and reducing poverty.There is limited literature investigating the specific relationship between financial inclusion and monetary policy transmission.Central bank of Egypt (CBE) has launched three initiatives to support development and achievement of financial inclusion.They include an initiative to support financing small-and medium-sized enterprises (SMEs), another to support the tourism sector, in addition to a real estate financing initiative for medium-and low-income individuals.To explore the relationship between financial inclusion and monetary policy transmission in Egypt for the period of 2000 to 2017, it is proposed to use the principal component analysis (PCA) method to assign the weight of factors in financial inclusion index (by comprising selected indicators of financial development in a single index).And VECM approach to examine financial inclusion and monetary policy transmission, Granger Causality tests, and basic trend analyses, to explore empirically the relationship between financial inclusion indicators and monetary policy.The paper is arranged in sections.After the introduction, section II presents literature survey on links between financial inclusion and the goals of monetary policy, and presents stylized facts about financial inclusion in Egypt.Section III discusses the methodology of analysis.In section IV, results of econometric estimations are presented.Section V summarizes the paper with policy implications.
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