The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) cut overnight deposit, overnight lending and CBE’s main operation rates by 100bps during its meeting last Thursday. Rates now stand at 17.75%, 18.75% and 18.25%, respectively. Additionally the discount rate was cut by the same amount and is now 18.25%. The decision came in light of the dwindling inflation rates and higher-than-expected economic growth figures.
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