Egypt’s central bank cuts interest rates 1%

Egypt’s central bank has decided on Thursday to cut interest rates by 1 percent, reducing the credit and discount rates by 100 basis points to 13.75 percent.

The Central Bank of Egypt also reduced at its Monetary Policy Committee meeting the overnight deposit rate, overnight lending rate, and the main operation rate by 100 basis points to 13.25 percent, 14.25 percent, and 13.75 percent, respectively.

In August, Egypt’s headline and core inflation fell to 7.5 percent and 4.9 percent, respectively, the lowest in six years.


Source: Amwal Al Ghad