Egypt Holds Interest Rates as Covid Doubts Cloud Global Economy

Egypt maintained one of the world’s highest inflation-adjusted interest rates in its final meeting for 2021 as authorities weigh the possible impact of the omicron variant on the economy.

The central bank held the benchmark deposit rate at 8.25% and the lending rate at 9.25%, the Monetary Policy Committee said Thursday in a statement. All 10 economists surveyed by Bloomberg predicted what’s Egypt’s ninth consecutive hold, rounding out a calendar year of no movement after combined cuts of 400 basis points in 2020.