Egypt Holds Interest Rates As Inflation Pressures Re-Emerge

The Central Bank of Egypt left its key interest rates unchanged on Thursday, keeping the overnight deposit rate at 21% and the lending rate at 22%.

The decision followed mixed analyst expectations, with some forecasting a rate cut of as much as 100 basis points after several reductions earlier in the year. Egypt cut rates by a total of 525 basis points between April and August, yet its real interest rates remain among the highest in the world.

The bank said economic activity continued to improve,…