Central Banks
Egypt Makes First Rate Cut Since 2020 With Inflation Tamed
Shoppers in the Attaba district of Cairo, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt cut interest rates for the first time in almost five years, potentially spurring investment key to an economic rebound while easing some of the Middle East’s highest debt-servicing costs.
The central bank reduced the benchmark deposit rate by 225 basis points to 25%, the Monetary Policy Committee said Thursday in a statement. The lending rate was lowered by the same amount to 26%.