Egypt's bank holds rates

Egypt's central bank left its main overnight interest rates unchanged as expected yesterday, as economic growth remains tepid more than two years after the uprising that toppled Hosni Mubarak.

The central bank is keen for stability ahead of a major anti-government protest scheduled for next week, economists said.

Inflation has been creeping higher in recent months, but the bank's monetary policy committee was seen as reluctant to raise rates in view of the lack of strong economic growth.

The central bank kept its deposit rate at 9.75 per cent and its lending rate at 10.75pc.