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The Central Bank of Egypt has decided to cut the main interest rate by around 50 points. The interest rate on loans was 8.25% and that on deposits 9.25%.
The central bank also decided at the monetary policy committee meeting today, Thursday, to reduce the credit yield and the discount rate by 50 basis points as well, to reach the level of 8.75%.
It should be noted that the Monetary Policy Committee of the Central Bank of Egypt meets every 6 weeks to discuss the interest rate and review monetary policy. Therefore, he has only one meeting in the current year.
This comes two days after the Central Agency for Public Mobilization and Statistics announced an increase in the inflation rate last October, to 4.5% per year and 2.3% per month.
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