Egypt Shuns a Rate Cut With $10 Billion Funding Gap in Focus

Egypt kept interest rates unchanged as authorities guard against an emerging markets sell-off and focus on bridging a financing gap spurred by the coronavirus pandemic.

The central bank maintained the deposit rate at 9.25% and its lending rate at 10.25% for the second straight month, it said Thursday in a statement. Eleven of 14 economists surveyed by Bloomberg had predicted a hold after a record 300 basis points were slashed at a March 16 emergency meeting.