The Central Bank of Egypt held its overnight deposit rate unchanged at 8.25%, and the overnight lending rate at 9.75%, while also holding the discount rate at 8.50% and the 7-day repo rate at 9.25%. The Bank said: “It is important to note that while a marked decline in economic activity was expected, the magnitude is larger than anticipated at the outset of the revolution.” The Bank also said: “the slowdown in economic growth should limit upside risks to the inflation outlook. Given the balance of risks on the inflation and GDP outlooks and the increased uncertainty at this juncture, the MPC judges that the current key CBE rates are appropriate.”