Egypt cuts rates 100bps as inflation slows to 11.9%

• CBE cuts rates by 100 basis points
• Urban inflation slows to 11.9%

CAIRO, EGYPT – Egypt’s central bank cut interest rates by 100 basis points on Thursday as inflation continued to ease, signalling confidence that price pressures will slow further this year.

After its first Monetary Policy Committee meeting of the year, the Central Bank of Egypt (CBE) trimmed its benchmark overnight deposit rate to 19.0%, the overnight lending rate to 20.0%, and the main operation rate to 19.5%.