Central Bank of Egypt holds rates despite lower inflation

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The monetary policy committee of the Central Bank of Egypt has kept rates unchanged, although inflation fell sharply in June.

The overnight deposit rate remains at 15.75%, and the overnight lending rate at 16.75%.

Inflation in the Arab economy fell sharply last month. Annual headline inflation declined to 9.2% in June from 14.1% in May, and core inflation fell to 6.4% from 7.8% over the same period. “This decline was strongly supported by favourable base effects, resulting from the direct and

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