CBE cuts interest rates for 2nd time in 2018 as inflation continues to ease
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) lowered the interest rates for the second time this year by 1 percent on Thursday.
The Committee set the overnight rate and the overnight lending rate at 16.75 percent and 17.75 percent, respectively.
In February, the MPC lowered the interest rates by 1 percent for the first time since the flotation of the Egyptian currency in the November 2016 after inflation rates slowed down in latest months.
Inflation rates recorded its lowest levels in February since the flotation of the Egyptian currency in November 2016.
The annual inflation decreased to 14.4 percent last month, down from 17.1 percent in January.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.