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Egypt's central bank maintains key rates

Egypt's central bank kept its key interest rates on hold, pointing to declining inflation.

The Central Bank of Egypt (SAE) maintained the rate of its main operation at 17.25% and the overnight deposit rate and overnight lending rate at 16.75% and 17.75%, respectively. The discount rate was kept at 17.25%.

The bank noted that annual headline inflation declined to 13.1% in March and April, while core inflation fell to 11.6%.

"Domestic risks surrounding the inflation outlook continue to include potential fiscal reform measures, the evolution of inflation expectations, as well as demand-side pressures," the central bank said. "In addition to oil price developments, risks from the external economy continue to include the pace of tightening financial conditions."