Global Arab Network | Egypt's Central Bank Lowers Interest Rates

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Egypt's Central Bank Lowers Interest Rates

Global Arab Network - - Maha Karim

Friday, 27 March 2009 14:58

Friday, the Central Bank of Egypt lowered its overnight deposit rate by 50 basis points to 10%. In February, the central bank had reduced the base rate by 100 basis points from 11.5%.

The central bank also lowered the overnight lending rate by 50 basis points to 12% and the discount rate to 10%.

Egypt's inflation continued to slow to reach 13.5% in February, down from 14.3% recorded in January. (RTTNews)

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