Egypt freezes benchmark interest rate

18 Dec 2010

(MENAFN) The Central Bank of Egypt (CBE) said that it has decided to keep the benchmark inter-bank interest rate unchanged for the tenth consecutive time since September, 2009, Reuters reported.

During its meeting in Cairo, CBE’s Monetary Policy Committee (MPC) maintained the overnight deposit rate and overnight lending rate at 8.25 percent and 9.75 percent, respectively. It also kept the discount rate unchanged at 8.5 percent, according to a press release issued by the bank.

The move has been widely predicted by economists who believe that freezing the interest rate could help shore up the economy in the wake of the global financial crisis and lure more foreign investment.

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