[ad_1]
Reuters MOHAMED ABD EL GHANY
Egyptian Central Bank.
The Central Bank of Egypt announced today, Thursday, that it had cut key rates by 50 basis points.
The central bank said in a statement that it had decided to cut the overnight lending rate to 9.25% from 9.75%, and the deposit rate to 8.25% from 8.75. %.
Egyptian economists previously expected the Central Bank’s Monetary Policy Committee to cut interest rates from 0.5% to 1% to speed up production in light of the Corona virus pandemic and thanks to relatively low inflation rate.
The research unit of the “Mubasher” Securities Brokerage has suggested that gross domestic product will grow in a range of 2.4% to 3.5% in fiscal year 2020/2021, explaining that this rate is modest by compared to pre-pandemic levels.
Egypt’s Central Agency for Public Mobilization and Statistics said last Tuesday that urban consumer price inflation in Egypt rose to 4.5% year-on-year in October, from 3.7% in September. .
Source: “Reuters” + agencies
[ad_2]
Source link
