Egypt’s central bank cuts interest rates by 0.5%

Egypt’s central bank cuts interest rates by 0.5%

 

CAIRO – 24 September 2020: The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Thursday to cut the overnight deposit rate, overnight lending rate, and the rate of the main operation by 50 basis points to 8.75 percent, 9.75 percent, and 9.25 percent, respectively.

The discount rate was also cut by 50 basis points to 9.25 percent.

Annual headline urban inflation declined to 3.4 percent in August from 4.2 percent in July 2020, the second lowest rate recorded in almost 14 years, after October 2019's figure.

Annual headline inflation continued to reflect muted inflationary pressures registering below 6 percent since February 2020. The decline in annual headline urban inflation was