Egypt seen to keep rates unchanged

February 26, 2014 5:29 am


Egypt’s central bank is expected to keep interest rates unchanged at a monetary policy meeting on Thursday, as officials seek to balance the need to stimulate the economy while curbing high inflation, Reuters has reported. The bank is under pressure to keep interest rates high to attract funds out of foreign currencies and into the Egyptian pound. In its last monetary policy meeting, Egypt kept its deposit rate at 8.25% and its lending rate at 9.25%. It also kept its discount rate and the rate it uses to price one-week repurchase and deposit operations at 8.75%.

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