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CBE cuts interest rates by 1%

CBE cuts interest rates by 1%
This is the third rate cut during 2019

Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to cut interest rates by 100 basis points (bps) during its meeting on Thursday.

The CBE’s Monetary Policy Committee (MPC) slashed the overnight deposit rate and the overnight lending rate to 13.25% and 14.25%, respectively, while the rate of the main operation was reduced to 13.75%.

In addition, the discount rate was lowered to 13.75%, according to a report released by the CBE.

This is the third rate cut by the CBE during 2019, which comes in line with expectations backed by the decline in Egypt’s annual inflation.