Egypt sharply cuts rates on lower inflation

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The monetary policy committee of the Central Bank of Egypt sharply cut interest rates on February 14 due to the improved inflation outlook in the Arab economy.

Rate-setters reduced the three main rates by 100 basis points. The overnight deposit rate is now at 15.75%, the lending rate at 16.75%, and the main operation rate at 16.25%. “Incoming data continued to confirm the moderation of underlying inflationary pressures,” says the policy statement.

Headline year-on-year inflation was recorded

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