Egypt central bank cancels MPC meeting after rate hike

Egypt's central bank on Wednesday cancelled a March 28 meeting of its Monetary Policy Committee (MPC),saying an unscheduled rate hike two weeks ago was sufficient.

The interest rate rise was meant to accelerate the monetary tightening process and ensure a decline in underlying inflation, Egypt's central bank said on March 6.

Egypt's central bank deputy governor said interest rates will fall again, as the tightening cycle is temporary.