Egypt holds record-high interest rates to curb inflation

Egypt's central bank has maintained interest rates at a historic high for the second consecutive meeting, aiming to sustain the slowdown in inflation following a significant currency devaluation, Bloomberg reports. 

On Thursday, the Monetary Policy Committee announced that the benchmark deposit rate would remain at 27.25%, and the lending rate at 28.25%.

This cautious stance persists despite a fourth consecutive month of declining inflation in the North African nation as of June.