Egypt’s central bank said in a statement it left its main interest rates unchanged on Thursday at a meeting of its monetary policy committee, according to Reuters.

The bank kept the overnight deposit rate at 18.75% and the overnight lending rate at 19.75%.

“The tightening cycle has come to an end, in our view, for now. We do not expect, however, a cut just yet in corridor interest rates,” Reham El-Desoki, senior economist at regional investment bank Arqaam Capital, told Reuters.

The bank has raised key interest rates by a total of 700 basis points since it floated the pound in November as part of a USD 12 bn International Monetary Fund loan program aimed at boosting the economy.