Egyptian central bank cuts policy rate again
Move is needed to support economy against second Covid-19 wave despite rising inflation, MPC says
Egypt’s central bank cut its main policy rate by 50 basis points on November 12, despite the country’s inflation rising in recent months.
The Central Bank of Egypt’s monetary policy committee cut its overnight deposit rate by 50 basis points to 8.25%. The MPC said it was cutting policy rates in order to support the Egyptian economy against further contractionary pressures.
The second wave of the Covid-19 pandemic was likely to depress global demand and have a negative impact on Egypt’s economy
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