An Egyptian worker fills a customers tank as cars queue at a petrol station in the capital Cairo on November 4, 2016. AFP / KHALED DESOUKI
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Egypt's central bank will increase the reserve requirement for lenders next week, potentially paving the way for cutting interest rates even as it battles soaring inflation triggered by a sharp currency devaluation.The International Monetary Fund, which is supporting Egypt's economic reforms with a $12 billion loan, said last week there were early signs that inflation is easing, echoing the recent view of Egyptian officials. The central bank kept its benchmark interest rate unchanged at 18.75 percent last week.Annual core inflation, which strips out volatile and regulated items, fell slightly to 34.9 percent in August from 35.2 percent a month earlier, while monthly price gains dropped to 0.32 percent from 2.76 percent in July.
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