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CAIRO, Oct 30 - Egypt's central bank is expected to keep its overnight interest rates steady at a policy meeting on Thursday, as the government targets stability ahead of a presidential election scheduled for December and amid the ongoing crisis in Gaza.
The central bank for months has been reluctant to allow any change in currency or interest rates. Since March, it has kept the Egyptian pound fixed at 30.95 to the dollar and raised the overnight interest rate by only 100 basis points despite inflation surging to an all-time high of 38% in September.
In a $3 billion financial support package signed with the International Monetary Fund in December, Egypt agreed to let its currency float freely and to speed up the sale of state assets to narrow its budget and current account deficits. Progress on both counts has been slow. Many analysts believe Egypt is waiting until after the election before loosening its currency, which on the black market trades at about 45 to the dollar, and is likely to seek an increase in the size of the IMF package.
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