Egypt detects 680 new coronavirus cases, 49 fatalities on Saturday    Aswan halt Zamalek's winning run with 0-0 draw in Egyptian league    Sudan celebrates World Day for African and Afro-descendant Culture    BREAKING: Larry King, broadcasting giant for half-century, dies at 87    Sudan reiterates concerns over planned 2nd GERD filling without binding deal    Africa is the world's next business frontier, says AfDB's President    Britain to discuss tighter travel restrictions: BBC    Egypt's Sisi will inaugurate fish farming project in Port Said Saturday    Moscow police start detaining people before rally in support of Kremlin critic Navalny: Reuters Reporter    Saudi TV says missile or drone intercepted over Riyadh    Egypt, China agree to complete work at business district in New Capital    N.Korea sees talks as way to advance nuclear program, says US intel official    IMF urges deficit control in Tunisia even as protesters demand jobs    Swimming Australia eyes Plan B in case of Tokyo cancellation    Arsenal fan Mat Ryan delighted with loan switch to London side    Egypt reports 748 new coronavirus cases, 52 deaths on Friday    Egypt, China sign agreement to complete work at business district in New Administrative Capital    In Photos: Egypt's Sisi tours Police Academy on Friday    Egypt's parliament approves re-extending state of emergency for three months    Donald Trump says goodbye to the White House    BREAKING: Egypt resumes diplomatic relations with Qatar ending 4-year boycott    Egypt reports 899 new coronavirus cases, 58 deaths on Tuesday    Egypt's newly elected parliament reviews the government reform plan    Happy New Year Bel Araby show at The Marquee Theatre is a must go    Egypt sends medical supplies to help Jordan battle coronavirus    Egypt supports tourism, aviation sectors with EGP 5bn during COVID19 crisis    Egypt government allocates $1.6 billion to buy COVID-19 vaccines – FinMin    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

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.