Cairo: The Monetary Policy Committee of the Central Bank of Egypt (CBE) announced Thursday a 100-basis point cut in the overnight deposit and lending rates, as well as the rate of the main operation, to 21.00 percent, 22.00 percent, and 21.50 percent, respectively.
According to Qatar News Agency, CBE said in a statement that the committee also decided to reduce the credit and discount rates by 100 basis points to 21.50 percent.
The statement added that this decision reflects the committee's assessment of the latest inflation developments and expectations since its previous meeting.
This is the fourth time the CBE has cut borrowing costs this year, continuing its monetary easing cycle to accelerate economic growth as inflation slows.