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