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Egypt Holds Interest Rates Steady Before Fresh Subsidy Cuts

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Egypt’s central bank left interest rates unchanged for a second meeting on Thursday as it faces a potential resurgence in inflationary pressures from a fresh wave of subsidy cuts.

The Monetary Policy Committee kept the overnight deposit rate at 15.75% and the lending rate at 16.75% -- a decision predicted by all but one of 11 economists surveyed by Bloomberg. Cairo-based investment bank EFG Hermes has said the pause may extend beyond the summer.