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Egypt Likely to Maintain Benchmark Rate on Currency Concern

Egypt’s central bank is likely to maintain its benchmark interest rate steady at its highest in over three years due to pressure on the local currency.

The Central Bank’s Monetary Policy Committee, headed by Governor Farouk al-Okdah, meets later today to discuss the deposit rate, currently at 9.25 percent, days before an International Monetary Fund delegation is due to arrive in Egypt to consider the country’s $4.8 billion loan request.