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Egypt central bank keeps benchmark rates unchanged

The bank has now held rates steady in four consecutive meetings after surprising analysts with a 50-basis-point cut in January.
01.08.15 | Source: Reuters

Egypt's central bank kept its benchmark interest rates unchanged at a monetary policy committee meeting on Thursday.

The overnight deposit rate remained 8.75 percent and the overnight lending rate was steady at 9.75, the bank said in a statement.

The key CBE rates "are currently appropriate" considering the balance of risks that include both inflation and "downside risks to the global economy," particularly Euro zone challenges and softening growth in emerging markets, the central bank sub governor said in a statement on Thursday.

Four out of five economists surveyed by Reuters had forecast that the bank would keep interest rates on hold.

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