Egypt cbank cuts rates for first time in 28 months

EGYPT - Egypt's Central Bank on Apr 12 cut its discount rate to 11.5 percent from 12 percent in a move welcomed by market operators, but which some analysts feared would do too little to boost the sluggish economy.

The half point cut, the bank's first rate adjustment for 28 months, was announced by a bank official who gave no further details. The bank last changed rates on December 17, 1998, when it cut the discount rate to 12 from 12-1/4 percent.

The latest cut followed a reduction in central

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