The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) has announced a reduction in key interest rates by 100 basis points (bp). This decision was communicated through a press release issued on May 22nd.

As a result of this cut, the overnight deposit rate now stands at 24%, while the overnight lending rate has decreased to 25%. In addition, the rate of the main operation has also been lowered by 100 bp to reach 24.5%. The discount rate has similarly been adjusted to 24.5%.

This move by the CBE is part of its ongoing efforts to manage economic conditions and promote growth. The changes in these rates reflect the bank’s response to current economic trends and conditions in the country.