Egypt's Central Bank Cuts Interest Rates by 1%

Egypt's Central Bank cut interest rates by 1% on Thursday to stimulate the economy and combat slowing inflation. The decision was made by the Monetary Policy Committee.

The Central Bank of Egypt lowered interest rates by 1% on Thursday, making the overnight deposit and lending rates 20% and 21%, respectively. At its meeting today, the Monetary Policy Committee decided to ease monetary policy to counter slowing inflation and support economic activity. The overnight deposit and lending rates, as well as the Central Bank's main operation rate, were cut by 100 basis points to 20.00%, 21.00%, and 20.50%, respectively.

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