The central bank kept its benchmark interest rates unchanged at 8.75 percent for deposits and 9.75 per cent for loans during its monetary policy committee meeting on Thursday.
A statement issued after the meeting stated that in light of the risks of rising inflation and fears of slower growth rates of international economy , the key CBE rates “are currently appropriate”.
This was the fourth meeting in a row that the bank decide to hold rates after cutting it by 0.5 per cent in January .
“Upside risks to the inflation outlook from domestic supply shocks are largely mitigated by contained imported inflation, against the background of broad-based declines in international commodity prices,” the central bank statement said.
Inflation rate in June declined to 11.4 per cent compared to 13.1 per cent a month earlier.
Egypt’s economy grew 3 percent in the third quarter of the 2014/2015 fiscal year, which ended in March.
