Economics
Egypt Makes Largest-Ever Rate Cut to Tackle Fallout of Outbreak
- Rate reduction of 300 basis points made at emergency meeting
- Central banks in the Middle East follow the Fed with easing
Photographer: Ahmed Hasan/AFP via Getty Images
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Egypt cut interest rates by the most ever in an emergency meeting, a sign the central bank is less focused on the risk of outflows as the North African nation races to limit the economic impact from the global coronavirus outbreak.