Egyptian rate cut fuels equities boom

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The Central Bank of Egypt's decision to cut rates to their lowest level in almost three years has prompted a surge in share prices.

The central bank cut its benchmark overnight deposit and lending rates by half a percentage point each after inflation tumbled to an 18-month low of 9.9% in June.

The cut, which left the deposit rate at 8.5% and the lending rate at 10%, came after the markets closed for a two-day weekend on Thursday.

The EGX 30 Index of leading shares closed up 3.1% on Sunday at 6,3

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