CAIRO: Egypt’s central bank kept its benchmark interest rates unchanged at a monetary policy committee meeting, in line with economists’ expectations in a Reuters poll.

The overnight deposit rate remains at 8.75 percent while the overnight lending rate stays at 9.75 percent, the central bank said in a statement.

Four out of six economists polled by Reuters expected the bank to keep interest rates on hold, while two predicted a rate cut.

The bank surprised analysts with a 50 basis point cut last month, after holding rates steady since July, when it hiked the benchmark rates by 100 basis points.

While another rate cut could boost investor confidence ahead of an economic summit next month and lend some momentum to a nascent recovery, tackling inflation remains the bank’s main priority, most analysts said.

Inflation slowed last month but remains high. Urban consumer inflation fell to 9.7 percent in January from 10.1 the previous month.

Core inflation, which excludes volatile items such as fruit and vegetables, declined to 7.06 percent in January from 7.69 percent the previous month.