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FinancialNews


  • 17-02-19

    Egyptian central bank's MPC reduces main interest rates

    (MENAFN) Egypt's Monetary Policy Committee (MPC) of the Central Bank imposed a 1 percent reduction on each of its key interest rates.

    Announcing the news, the central bank stated: "as incoming data continued to confirm the moderation of underlying inflationary pressures, the MPC decided to cut key policy rates by 100 basis points."

    The bank witnessed a 700 basis points boost in its overnight rates since November 2016, when it floated the pound freely in foreign exchange markets.

    It comes after a forecast was issued by Fitch Solutions for the Egyptian Central Bank to reduce its interest rate amid an eased atmosphere in price pressures.

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