Economics
Egypt Interrupts Rate Cuts as Inflation, Unrest Give Pause
- Rate hold seen guarding inflation, price stability targets
- Pause comes after three consecutive easing decisions in 2019
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Egypt unexpectedly refrained from another cut in interest rates on Thursday after inflation ticked up in December and as unrest jolted other parts of the Middle East, from Iran to Libya.
After three rounds of easing since August, the Monetary Policy Committee left the deposit rate at 12.25% and the lending rate at 13.25%, according to a statement Thursday. All but three of 19 economists surveyed by Bloomberg had predicted a cut.