Egypt Central Bank leaves benchmark rates unchanged

Egypt’s central bank kept its benchmark overnight deposit and lending rates unchanged on Thursday as expected, as the government tries to support the local currency and inflation hovers at a six-year low.

The bank’s Monetary Policy Committee left its key lending rate steady at 10.25 percent and the deposit rate at 9.25 percent after its regular meeting, it said on its website.

Eight economists in a Reuters survey had all forecast the committee would hold the overnight rates unchanged. The bank also left the discount rate unchanged at 9.5 percent and the seven-day repurchase agreement (repo) rate at 9.75 percent.

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