Consumers purchase fuel at a petrol station as a passenger plane makes its final landing approach to Cairo Airport in Egypt, February 19, 2018. REUTERS/Amr Abdallah Dalsh
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Egypt's central bank kept its benchmark interest rate unchanged Thursday, as the government prepares for a new round of fuel subsidy cuts against a backdrop of rising global oil prices.The bank's Monetary Policy Committee, headed by Governor Tarek Amer, held the overnight deposit rate at 16.75 percent – in line with predictions by five out of eight economists surveyed by Bloomberg. The measures have the potential to undercut progress the central bank has made in lowering annual inflation that had surged to more than 33 percent following the 2016 decision to float the currency.
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