Egypt's central bank, as widely expected, left its overnight interest rates unchanged on Thursday, saying it was focused on future rather than present inflation and that economic growth appeared to have been stable in the July-September quarter.
The central bank's Monetary Policy Committee left the lending rate at 20.25% and the deposit rate at 19.25%, it said in a statement.of 16 analysts had been for the MPC to leave rates steady. Three analysts had expected a hike of 100 basis points .
"The MPC decided to keep policy rates unchanged and to continue assessing the cumulative impact of previously enacted tightening policies and its transmission to the economy in a data-driven manner," the MPC statement said. It added that growth appeared to have slowed in the financial year that ended in June and had remained at a reduced pace in the July-September quarter.
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