World Economy

Egypt Interest Rates Unchanged

Egypt Interest Rates UnchangedEgypt Interest Rates Unchanged

Egypt’s central bank kept its benchmark interest rates unchanged at a monetary policy committee meeting, Amwal al Ghad reported. The overnight deposit rate remains 8.75% and the overnight lending rate is steady at 9.75, the bank said in a statement. All five economists surveyed by Reuters had forecast that the bank would keep interest rates on hold. In the statement, the bank’s sub-governor for monetary policy noted the bank had balanced improved economic growth in the second half of last year against rising inflation from volatile food items. The bank has now held rates steady following two consecutive meetings after surprising analysts with a 50 basis point cut in January.