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Egypt's central bank cuts key rates for 2nd straight month

The Egyptian central bank on Sept. 26 reduced its key interest rates for a second consecutive month, this time with a cut of 100 basis points as both headline and core inflation rates fell to their lowest levels in more than six years.

The Central Bank of Egypt (SAE) lowered the overnight deposit rate to 13.25%, the overnight lending rate to 14.25%, the rate of the main operation to 13.75% and the discount rate to 13.75%. This followed a rate cut of 150 basis points in August.

Headline and core inflation fell in August to annual rates of 7.5% and 4.9%, respectively, as inflationary pressures remained contained, according to the central bank.

The central bank said it stands ready to adjust its monetary policy stance amid weakening global economic growth, trade tensions, oil price volatility and geopolitical risks.