America News Agency

According to CCTV, the Central Bank of Egypt (CBE) announced that it has lowered its key policy interest rates by 100 basis points.

With the decision of the Monetary Policy Committee (MPC), the deposit rate was cut to 20%, the lending rate to 21%, and the main operation rate to 20.5%. The discount rate was also reduced to 20.5%.

The CBE stated that the decision reflects updated assessments of inflation dynamics and the outlook since the previous Monetary Policy Committee meeting.

According to previously published CBE data, Egypt’s annual urban headline inflation eased slightly in November compared to the previous month, falling to 12.3%. The decline from 12.5% in October was driven by a slowdown in the pace of food price increases from 1.5% to 0.7% in November.

With this latest move, the Central Bank of Egypt has cut interest rates for the fifth time since the beginning of the year.