Egypt Cuts Rates By 100 Basis Points As Inflation Slows to 10.1 Percent

The Monetary Policy Committee of the Central Bank of Egypt cut key interest rates by 100 basis points on February 12, citing easing inflation pressures.

The overnight deposit rate was lowered to 19.0% from 20.0%, while the overnight lending rate was reduced to 20.0% from 21.0%. The main operation rate and the discount rate were both cut to 19.5%.

The central bank also reduced the required reserve ratio for commercial banks to 16% from 18%, freeing up additional liquidity in the banking system.

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