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  • 19-08-18

    Egypt's central bank leaves main interest rates unchanged

    (MENAFN) The Egyptian central bank was confirmed to have kept its main interest rates steady, with a healthy GDP growth along with a surprising decrease in inflation to reach single digits.

    Egypt's central bank also maintained its overnight deposit rate to stand at 16.75 percent, with its lending rate reaching 17.75 percent.

    The bank's GDP recorded a 5.4 percent boost for the second consecutive quarter, maintaining its goal for headline inflation even after increasing to 13.5 percent year-on-year in July compared to 11.4 percent in May, the Monetary Policy Committee (MPC) unveiled.

    It comes after the Egyptian government increased electricity and fuel prices in June, imposing a 50 percent boost on petrol.

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