Egypt cuts rates

Egypt: The Egyptian central bank has unexpectedly reduced its main overnight interest rate by 50 basis points, saying it was more concerned about boosting growth than taming resurgent inflation, Reuters has reported. “Give that the downside risks to the GDP outlook outweigh the upside risks to the inflation outlook, the MPC decided to cut the key CBE rates,” the bank’s Monetary Policy Committee said. The central bank cut the deposit rate to 9.25% and the lending rate to 10.25%. It lowered its discount rate and the rate it uses to price one-week repurchase and deposit operations to 9.75%. []

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