Egypt’s Central Bank keeps rates on hold
Egypt's central bank left its main overnight interest rates unchanged as expected on Thursday, as economic growth remains tepid more than two years after the uprising that ousted Hosni Mubarak.
The central bank is keen for stability ahead of a major anti-government protest scheduled for next week, economists said.
All 11 economists in a Reuters survey had forecast that the bank would keep rates unchanged.
Inflation has been creeping higher in recent months, but the bank's Monetary Policy Committee was seen as reluctant to raise rates in view of the lack of strong economic growth.
The central bank kept its deposit rate at 9.75 per cent and its lending rate at 10.75 per cent. The bank kept the rate it uses to price one-week repurchase and deposit operations at 10.25 per cent, and left its discount rate unchanged as well, it said in a statement on its website.
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