Egypt’s central bank lowered its benchmark interest rates by two percentage points on Thursday, its largest reduction in over a year, as inflation eased and economic growth outpaced expectations. The Monetary Policy Committee of the Central Bank of Egypt reduced the overnight deposit rate to 22 percent from 24 percent. The overnight lending rate was cut to 23 percent, while the main operation and discount rates were lowered to 22.5 percent. In a statement, the bank said the move reflected “a more favorable inflation outlook and an improving domestic economy.” Annual headline inflation slowed to 13.9 percent in July, from 14.9 percent in June. Both headline and core inflation registered month-to-month declines, signaling rare deflationary pressure in a country long battered by price surges. Economic activity, meanwhile, has accelerated. Gross domestic product grew 5.4 percent in the second quarter of 2025, compared with 2.4 percent in the previous fiscal year, supported by gains in manufacturing and tourism. The unemployment rate dropped to 6.1 percent, down from 6.3 percent a quarter earlier. The easing aligns Egypt with a global trend as central banks in both advanced and emerging markets have cautiouslyContinue reading "Egypt’s Central Bank Cuts Interest Rates as Inflation Cools and Growth Strengthens"
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