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Cairo – Mubasher: The Egyptian Central Bank (CBE) has decided to reduce by 150 basis points the rate of demand deposits and loans and the central bank's main financing rate, bringing them respectively to 14.25%, 15.25% and 14.75%.
The central bank's monetary policy committee also decided to cut credit and the discount rate by 150 basis points to 14.75%.
The central bank lowered interest rates for the second time this year, dropping them last February to 15.75 percent, 16.75 percent and 16.25 percent respectively, then set interest rates. interest at its previous meetings in 2019 in May, March and July
The CBE's decision was in line with analysts' expectations to reduce interest rates because of Egypt's annual fall in inflation, which hit its four-year low, as well as exchange rate stability.
Annual consumer price inflation in Egyptian cities has fallen to its lowest level since August 2015 to reach 8.7% last July, contrary to analysts' forecasts.
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