In its monthly meeting held on Wednesday, the Monetary Policy Committee (MPC) of the Central Bank of Egypt decided to keep its key interest rates unchanged. The overnight deposit rate and the overnight lending rate stay at 8.75 percent and 9.75 percent respectively, read the CBE's statement. A spike in Egypt's inflation rate lowered the chances that the CBE would cut interest rates, despite expectations for inflation to fall back in the coming months, especially after the government has reduced the level of fuel subsidies in July 2014. Egypt's annual headline inflation hit a five-year peak in May at 13.11 percent compared to 10.96 percent in April.