The Central Bank of Egypt (CBE) has announced that it has cut the overnight deposit rate and the overnight lending rate in an emergency meeting by 300 basis points.
The overnight deposit rate, the overnight lending rate, and the rate of the main operation now stand at 9.25 percent, 10.25 percent, and 9.75 percent, respectively. Additionally, credit and discount rates have also moved down to 9.75 percent from 12.75 percent.
The cuts in interest rates are an exceptional measure to support economic activities in all sectors, in the face of the coronavirus outbreak, taking into account the future expectations and consistency of inflation with achieving the target inflation rate of nine percent (±3 percent) during the fourth quarter of 2020.