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Egypt Holds Rates as Governor’s Shock Exit Turns Focus to Pound

Workers bake bread for sale at the Al-Monira market in Cairo, Egypt.

Workers bake bread for sale at the Al-Monira market in Cairo, Egypt.

Photographer: Islam Safwat/Bloomberg

Egypt kept interest rates unchanged, opting for caution a day after the central bank chief’s shock resignation fueled speculation over how the country will deal with mounting pressure on the currency.

The Monetary Policy Committee maintained the deposit rate at 11.25% and the lending rate at 12.25% for a second consecutive meeting, it said in a statement Thursday. Financier Hassan Abdalla was named acting governor of the regulator hours earlier.