Berlin conference: world leaders agree to uphold Libya's arms embargo, end military support for warring factions    Egypt's Sisi extends state of emergency for 3 months    Lebanese security forces, protesters clash for second night    Egypt's Shoukry, EU's Borrell discuss Libyan crisis    Egypt's Azhar cooperates with all religious institutions to achieve international peace : Sheikh Ahmed El-Tayyeb    UN condemns attack on Yemen camp that killed nearly 80, says it threatens peace    IDB profits reach EGP 512m in 2019    Madbouly chairs SCNW meeting on GERD's upcoming technical, legal discussions    Government to use smart technologies to promote tourism    No elections without Jerusalem: Fatah official    Quaint little hole in the wall downtown selected by CNN as Egypt's best Molokhia    Jordan parliament passes draft law to ban gas imports from Israel    Two Egyptian artists to participate in site-responsive exhibition at Medina's Al-Ula, Saudi Arabia    Libyan tribesmen say they have closed El Shahara and El Feel oilfields    Egy Lease to provide finances of EGP1bln during 2020    Harry, Meghan drop their royal titles repay £2.4 mln    International Film Music Contest accepts entries from a variety of composers, performers    Russia's Putin says he opposes unlimited presidential term    Live score: Liverpool v Manchester United (Egyptian Premier League)    Tennis: Djokovic the man to beat, again, at Melbourne Park    Honeywell, Etisalat Misr join forces to support Egypt's Smart City vision    West Ham fan protest is familiar ground for Moyes    Sisi, World Bank seeks further cooperation    Iran's Khamenei should be careful with his words: warns Trump    Parliamentary elections to be held in November: Baha Abu Shoqa    S. Korean companies keen on new industrial partnerships with Egyptian counterparts: Ambassador    No pressures imposed on Egypt to accept Washington's deal on GERD: Irrigation Ministry    Egypt's young pharaoh, TUT in Australia's Boston exhibition    Alexandria, Dekheila ports working normally despite medium rain    Iran's Khamenei stands by Guards after unrest over downed plane    Egypt's interior ministry says Mostafa Kassem received fair trial, was convicted terrorist    Egyptian actress Magda Al-Sabahi dies at 89    Egypt is best tourism destination for 2020 according to BBC    Government launches Upper Egypt's first cultural festival    Egypt names executive head of comprehensive health insurance authority – ministry    Nancy Ajram's husband charged with ‘intentional' murder    6th of October Rotary club trains undergrads for teaching literacy workshops    BBC names Egypt as best tourism destination for 2020    WHO says new China coronavirus could spread, warns hospitals worldwide    Ethiopian Dam talks to continue in Washington on Wednesday : Ministry    Mission Africa continues    Egyptian sports in 2020: challenges and opportunities    Tough Mudder obstacle course race takes place for first time in Egypt    NBE studies establishment of rowing club in Cairo    Egypt's Zamalek, Smouha presidents hit with disciplinary sanctions by EFA    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    Egypt's Sami Anan released after near two-year detention    Liverpool's Mohamed Salah optimistic to see Egypt at 2022 World Cup    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's central bank cuts interest rates by 1%
Published in Ahram Online on 26 - 09 - 2019

The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) decided in its meeting on Thursday to cut interest rates by one percent (100 bps).
The new cuts included decreasing overnight interest rates to 13.25 percent, overnight lending to 14.25 percent and the rate on the main operation to 13.75 percent.
The CBE stated the new cuts were driven by the declining inflation rates and public and basic rates that fell recently to 7.5 percent and 4.9 percent, respectively.
It added that the economic indices pointed to economic growth increasing during the second quarter of 2019 to its highest level in 12 years, at 5.7 percent, besides unemployment declining to 7.5 percent, down from 13.4 percent before the beginning of the economic reform programme.
“The slow-down in global economic growth focused the attention on financial easing, that is easing the economic cycle that a number of world central banks have adopted recently while oil prices are still unstable," according to the statement.
The CBE added the new cuts were in line with the government's inflation rate objectives that aim to reach between six and 12 percent by the fourth quarter of 2020, adding that the MPC would take its future decisions on interest rates according to future inflation anticipations not current ones, and it would not hesitate to review the interest rates to keep the monetary policy safe.

This is the third time the MPC cut interest rates in 2019.

Clic here to read the story from its source.