Egypt Keeps Rates on Hold After Inflation Shows Signs of Slowing

Posted on AllSides September 21st, 2023
From The Left

Egypt kept interest rates unchanged amid signs of softening inflationary pressures, likely refraining from further monetary tightening until it manages a much-awaited currency devaluation. The Monetary Policy Committee maintained the deposit rate at 19.25% and the lending rate at 20.25%, it said Thursday in a statement. Eight out of 13 economists in a Bloomberg survey correctly predicted the decision. The regulator unexpectedly increased interest rates by 100 basis points last month, hitting the highest level in data that stretches back to 2006, and above a previous peak reached during the...

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