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Egypt's central bank cuts key rates by 150 basis points

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Egypt's central bank cuts key rates by 150 basis points

Egypt's central bank joined other central banks globally that have resumed monetary policy easing, cutting its key rates by 150 basis points as inflation weakened to its lowest rate since 2015.

The Central Bank of Egypt (SAE) lowered the overnight deposit rate to 14.25%, the overnight lending rate to 15.25%, the rate of the main operation to 14.75% and the discount rate to 14.75%.

Headline and core inflation fell in July to annual rates of 8.7% and 5.9%, respectively, the lowest levels in nearly four years, the central bank said.

The bank said the moderation of underlying inflationary pressures remains consistent with achieving its inflation target of 9%, plus or minus 3 percentage points, in the fourth quarter of 2020, and price stability over the medium term.