Egypt continues easing cycle with 100bp cuts
Slowing inflation and strong currency provide room for lowering rates as country expects IMF review
The Central Bank of Egypt (CBE) on October 2 cut its policy rates amid cooling inflation and a strong currency.
The bank’s monetary policy committee (MPC) lowered its overnight deposit rate and the overnight lending rate by a full point to 21% and 22% respectively, it said in a statement.
Real GDP growth in Egypt had reached 5% in the second quarter, higher than the 4.8% recorded in Q1, the MPC said. However, output remained “marginally below potential”, which the committee said justified the
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