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  • 24-08-19

    Egyptian interest rate cuts to help attract investment

    (MENAFN) Egypt is one step forward towards slashing domestic debt and spurring investments as the Central Bank of Egypt (CBE) imposed 1.5 percent cuts in interest rates.

    CBE was confirmed to have reduced deposit rates by 14.25 percent while slashing lending rates 15.25 percent and decreasing main operation rates 14.75 percent.

    Banking expert and economics professor emeritus, Mohamed al-Shemy, assured that "this is a positive step that reduces the volume of local debt by decreasing the debt service represented in the interest rate paid by the government for domestically borrowing in the form of treasury bills."

    Al-Shemy further highlighted the connection between the reduced interest rates and treasury bills used for the government's domestic borrowing.

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