- Fifth rate cut this year brings total easing to 725 basis points
- Inflation cools sharply as food prices tumble
CAIRO, EGYPT – Egypt’s central bank has cut interest rates by 100 basis points, stepping up monetary easing as inflation slows and economic growth shows signs of moderation.
The Central Bank of Egypt said after its final monetary policy meeting of the year that it lowered the overnight deposit rate to 20.00% from 21.00%. The overnight lending rate was reduced to 21.00% from 22.00%, while the main operation rate was cut to 20.50%.
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