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Egypt Holds Rates as Subsidy Cuts Rekindle Inflation Worries

  • Inflation remains within central bank’s target range
  • New fuel and electricity price hikes could drive up prices
Egypt's central bank in Cairo.

Egypt's central bank in Cairo.

Photographer: Shawn Baldwin/Bloomberg

Egypt’s central bank kept its benchmark interest rate unchanged Thursday as increases in fuel and electricity prices rekindled concerns over inflation.

The Monetary Policy Committee held the deposit rate at 16.75 percent and the lending rate at 17.75 percent. Ten of 11 economists surveyed by Bloomberg had expected no change.