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Egypt Cuts Rates for 2nd Time in Boost for Virus-Hit Economy

  • Central bank reduces the key rate by another 50 basis points
  • Private business activity has begun to recover in past months

Photographer: Mohamed el-Shahed/AFP via Getty Images

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Egypt cut interest rates for a second consecutive meeting, seeking to give a boost to local businesses battling the impact of the coronavirus.

The central bank reduced the benchmark deposit rate 50 basis points to 8.25%, the Monetary Policy Committee said Thursday in a statement. Seven of 12 economists surveyed by Bloomberg had predicted the cut. The lending rate was reduced by the same amount to 9.25%.