Egypt's central bank cuts rate for third time in 4 months
Egypt's central bank has cut key interest rates for a third time in four months, bne Intellinews reported after the meeting of the institution’s Monetary Policy Committee (MPC) on November 14. The latest cut was by 100 points and brought the cumulative current rate easing cycle since August to a total of 350 basis points.
The rate cut was explained mainly with the sharp decline in annual headline inflation in October which slipped to 3.1% month-on-month from 4.8% on the month in September. Also, real gross domestic product (GDP) growth between July and September stabilised at around 5.6%.
In the meantime, Egypt’s central bank remains cautious of potential headwinds from a weakening global economy, easing financial conditions, volatile oil prices, and uncertainties regarding trade policies, bne Intellinews noted.
Original source: bne Intellinews