Egyptian banks cut interest rates on variable certificates following Central Bank move - Egypt Independent

Egyptian banks cut interest rates on variable certificates following Central Bank move - Egypt Independent

In an automatic move responding to the Central Bank of Egypt’s reduction of key interest rates, banks operating in Egypt have decided to decrease interest rates on variable-yield certificates by 2.25%. The Monetary Policy Committee of the Central Bank “ALICO” announced a 225 basis point cut in the overnight deposit and lending rates, as well …

Why Egypt's Central Banks Cut Interest Rates?

Accordingly, the deposit rate dropped to 25%, the overnight lending rate to 26%, and the CBE's main operation rate decreased to 25.5%. The CBE's Monetary Policy Committee also decided to cut the credit and discount rates by 225 basis points to 25.5%.