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Investor Darling Egypt Holds Rates Amid Inflation Worries

  • Decision defied expectations of another cut in benchmark rate
  • Economists say easing is likely to resume later this year
Updated on

Egypt’s central bank held the benchmark deposit rate unchanged on Thursday, defying expectations of a cut as it sought to keep inflation on target.

The bank’s Monetary Policy Committee kept the overnight deposit rate at 15.75% and the lending rate at 16.75%.