Egypt's Central Bank cuts interest rates by 50 bps

Reuters , Thursday 24 Sep 2020

The headquarters of Egypt's Central Bank are seen in downtown Cairo (Photo: Reuters)

Egypt’s central bank said on Thursday it cut its key overnight interest rates by 50 basis points.

It set the lending rate at 9.75% and the deposit rate at 8.75%, it said in a statement published on its website.

Of 18 analysts polled by Reuters, 15 had expected the bank to keep rates steady, and three had expected it to reduce them by one percentage points.

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