The Egyptian Central reduces interest rates 2% to support the decline in inflation

The Egyptian Central Bank decided today, Thursday, to reduce the interest by 2% after the meeting of the Monetary Policy Committee today.

A statement of the bank Thursday said that the monetary policy committee decided to reduce the price of deposit and lending for one night and the price of the main process of the central bank by 200 basis points to 22.00%, 23.00% and 22.50%, respectively, and decided to reduce the credit and deduction price by 200 basis points to 22.50%. The bank had decided at its last meeting last July, to keep the interest rate, while he decided at the last April meeting to reduce interest rates 2.5% for the first time in 5 years, then reducing it 1% last May. The bank’s statement today, that this decision comes as a reflection of the committee’s evaluation of the latest developments in inflation and its expectations since its previous meeting, noting that the monetary policy committee decided that reducing the basic return prices by 200 basis points is appropriate to maintain a monetary policy that would establish expectations and support the fossil path expected to inflation. The bank indicated that preliminary estimates It indicates a higher economic growth rate during the second quarter of 2025 compared to the previous expectations, driven by positive contributions from the non -petroleum manufacturing and tourism sectors. He continued that the bank’s expectations indicate the expansion of economic activity at a rate of 5.4% during the second quarter of 2025, to record the fiscal year 2024/2025 a real growth rate of 4.5% on average compared to a rate of 2.4% in The fiscal year 2023/2024. (Russia today)