Egypt: The rate is right
The Central Bank of Egypt stood its ground keeping interest rates unchanged, Niveen Wahish analyses the significance of the decision.
Everyone had expected the Central Bank of Egypt (CBE) to follow in the footsteps of US and European central banks and slash interest rates at its meeting last Thursday. But to the surprise, and indeed disappointment of many, the CBE decided to keep its overnight deposit and discount rate unchanged at 11.5 per cent.
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