Egypt central bank keeps overnight interest rates steady

Reuters , Thursday 16 Aug 2018

Tarek Amer
A file photo of Tarek Amer , the governor of Central Bank of Egypt (Photo:Al-Ahram )

The Central Bank of Egypt monetary policy committee left main interest rates unchanged on Thursday with its deposit rate at 16.75 percent and the overnight lending rate at 17.75 percent.

According to economic experts, the decision comes as central banks in a number of emerging market countries look to prevent potential contagion from the Turkish economic crisis.

The Turkish lira suffered its worst one-day loss in a decade last week after President Donald Trump announced on Friday that tariffs on Turkish steel and aluminum would be doubled with the lira losing about 20 percent of its value against the US dollar. 

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