Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany
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Egypt's central bank kept its benchmark interest rate unchanged Thursday as increases in fuel and electricity prices rekindled concerns over inflation. The Monetary Policy Committee held the deposit rate at 16.75 percent and the lending rate at 17.75 percent. That direction could quickly reverse, however, after the government introduced a new round of subsidy cuts this month under a three-year program of economic measures that helped it secure a $12 billion International Monetary Fund loan.Core inflation, the gauge the central bank measures because it strips out volatile items, was 11.09 percent in May – its lowest level in over two years, and squarely within the central bank's target range of 13 percent.
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