Egypt sees first cut for nearly three years

The Central Bank of Egypt cut interest rates for the first time since April 2006 on Thursday.

The central bank's Monetary Policy Committee lowered its policy overnight deposit rate by a full percentage point to 10.5% as inflation continued to fall.

"Annual headline CPI inflation fell to 14.3% in January 2009," the central bank noted compared to figures of 20.3% and 18.3% in November and December, respectively.

The fall in food prices was a key driver the central bank said and noted that "the sha