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Egypt Central Bank Maintains Steady Interest Rates Amidst Dropped Growth

By Pete Sadler
Photo by Christian Wiediger on Unsplash

Egypt’s central bank kept its overnight interest rates unchanged on Thursday as predicted, saying GDP growth had slowed to 2.9% in the second quarter of 2003 and headline inflation had decelerated in October and November.

The central bank’s Monetary Policy Committee (MPC) left the deposit rate at 19.25% and the lending rate at 20.25%, it said in a statement.

The median forecast in a poll of 14 analysts was for the MPC to hold rates, although six analysts had expected a hike of between 100 and 300 basis points.

Read More : Egypt Central Bank Maintains Steady Interest Rates Amidst Dropped Growth

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