Economics
Defying Fed, Egypt Cuts Rates Again as Inflation Falls
- Central bank cuts benchmark deposit rate by 100 basis points
- All eight economists surveyed had predicted a rate cut
Pedestrians use the stairs outside of Egypt's central bank in Cairo, Egypt.
Photographer: Shawn BaldwinThis article is for subscribers only.
Egypt’s central bank cut interest rates for the second time in six weeks after inflation slowed into its target range, shrugging off rising U.S. rates as it unwinds record-high borrowing costs.
The monetary policy committee led by Governor Tarek Amer lowered the overnight deposit rate by 100 basis points to 16.75 percent. The move was predicted by all eight economists surveyed by Bloomberg. The overnight lending rate was also reduced by 100 basis points to 17.75 percent.