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Egypt leaves interest rates unchanged
CAIRO - Egypt’s central bank kept its benchmark interest rates unchanged in a move that will help the government support the local currency even as inflation hovers at a six-year low.
The bank’s Monetary Policy Committee, or MPC, left its key lending rate steady at 10.25 per cent and the deposit rate at 9.25 per cent after its regular meeting, it said on its Web site.
Explaining its decision, the MPC pointed to inflationary risk from rising global food prices, risks surrounding a global economic recovery and persistent weak investment in Egypt.
“Given the balance of risks surrounding the inflation and GDP outlooks and the uncertainty at this juncture, the MPC judges that the current key CBE rates are appropriate,” it said in a statement issued after its meeting.
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