Egypt’s Central Bank announced that its Monetary Policy Committee decided in its meeting today, Thursday, to cut interest rates by 100 basis points on deposit and lending operations, as well as the bank’s main operation rate and the credit and discount rate.
The Central Bank of Egypt stated on its Facebook page that “the Monetary Policy Committee decided to cut the overnight deposit and lending rates and the Central Bank’s main operation rate by 100 basis points to 20.00%, 21.00%, and 20.50%, respectively.”
The Central Bank added that the committee also decided to “cut the credit and discount rate by 100 basis points to reach 20.50%.”
The Central Bank explained that this decision reflects the Monetary Policy Committee’s assessment of the latest inflation developments and its outlook since its previous meeting last November.
Egypt
Egypt is home to one of the world’s oldest civilizations, with a recorded history spanning over 5,000 years and famed for its pharaonic monuments like the Pyramids of Giza and the Sphinx. Its rich cultural legacy includes significant contributions to writing, architecture, and religion, later influenced by Greco-Roman, Coptic Christian, and Islamic periods following successive conquests.
Central Bank of Egypt
The Central Bank of Egypt, established in 1961, serves as the country’s primary monetary authority and regulator of the banking sector. It evolved from the National Bank of Egypt, which had acted as the central bank since 1898, and is responsible for issuing the Egyptian pound and managing the nation’s foreign reserves.
Facebook
Facebook is a social media platform founded in 2004 by Mark Zuckerberg and his Harvard University classmates. It began as a network for college students before expanding globally, fundamentally changing online communication and becoming a major corporation. The platform’s history includes significant growth, controversies over data privacy, and its evolution into a parent company, Meta, overseeing multiple apps.
