Egypt sharply cuts rates as inflation slides

Photo: Muhammad Mansour

The Central Bank of Egypt implemented a sharp reduction of interest rates on August 22, cutting rates 150 basis points due to lower inflation.

As a result, the overnight deposit rate now stands at 14.25%, the overnight lending rate at 15.25%, and the rate on the main operations at 14.75%.

The monetary policy committee stressed “annual headline and core inflation continued to decline to record 8.7% and 5.9% in July 2019, respectively, the lowest rates in almost four years”. The policy statement

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