BREAKING: Egypt Central Bank keeps Interest Rates Steady

Egypt’s central bank decides to keep benchmark interest rates unchanged with the overnight deposit and lending rates held at 8.75% and 9.75% respectively, the Monetary Policy Committee announced on Thursday.

The discount rate was also kept at 9.25%.

Key interest rates were surprisingly cut by 50 basis points last month on lower inflation expectations driven by cheap oil.

The annual inflation rate eased to 9.7% in January, compared to 10.13% in the previous month.