Egypt eases policy by 100bp
Central bank cuts benchmark rate to 24% and expects to meet inflation target in Q4 2026
On May 22, the Central Bank of Egypt cut its policy rate, the overnight deposit rate, by 100 basis points to 24%. The overnight lending rate and the main operation rate were cut by the same size, to 25% and 24.5% respectively.
This was the bank’s second consecutive easing of the policy rate, which it cut by 225bp last month to 25%. It had previously maintained the rate at 27.25% since last March.
Annual inflation in Egypt fell sharply in February to 12.8%, compared with 24% in January. It has
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