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ArabFinance: Egypt announced a reduction of 0.5% or 50 basis points in key interest rates, according to the central bank’s Monetary Policy Committee (MPC) decision on September 24th.
The MPC has cut the rate of the main operation by 9.25%, while overnight deposit and lending rates were reduced to 8.75% and 9.75%, respectively.
The Central Bank of Egypt (CBE) stated that slashing Egypt's interest rates would provide “appropriate support to economic activity, while remaining consistent with achieving price stability over the medium-term,” according to the statement.
The new cuts in rates are the first since the reduction of 3% or 300 basis points last March in line with the outbreak of the COVID-19 crisis.
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