Egypt slashes rates by further 100bp
Sharp drop in inflation prompts easing by monetary policy committee
The Central Bank of Egypt has slashed a further 100 basis points off its policy rate, as inflation continues a rapid decline.
The monetary policy committee (MPC) cut the main rate to 12.75%. In a statement, policy-makers noted inflation had dropped to 3.1% in October, the lowest level since December 2005. Inflation was down from 4.8% in September and has come down from highs of more than 14% earlier in the year.
Inflation is now below the central bank’s target of 9%, plus or minus three
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