Egypt’s central bank cuts interest rates as inflation eases
The Egyptian central bank cut its main interest rates by 100 basis points on Thursday, the first time it has lowered them since letting the currency float freely in 2016, as inflation sinks to its lowest levels in at least a year (17.1% from a peak of 33).
The bank cut its overnight deposit rate to 17.75% from 18.75% and its overnight lending rate to 18.75% from 19.75%, it said in a statement.
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