Central Banks
Egypt Hits Pause on Interest-Rate Hikes as Focus Turns to Pound
A man counts Egyptian pound banknotes.
Photographer: Shawn Baldwin/BloombergThis article is for subscribers only.
Egypt left interest rates unchanged, likely putting the brakes on more monetary tightening until a further devaluation of its currency that’s under sustained pressure from an economic crisis.
The Monetary Policy Committee maintained the deposit rate at 18.25% and the lending rate at 19.25%, it said Thursday in a statement. Eight out of 11 economists in a Bloomberg survey correctly predicted the decision.