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Egypt Walks a Fine Line With Interest Rate Strategy
In January, the cash-strapped Arab state surprised the market with interest-rate cuts aimed at stimulating the troubled economy. At its latest monetary policy meeting the central bank again caused surprise, but this time it was by keeping rates steady. Analysts had expected a different decision. In a note published ahead of the central bank meeting last week Emirates NBD, Dubai’s biggest bank, noted that Egypt’s core consumer price index had dropped to nearly a two-year…
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