(MENAFN) Egyptian central bank was revealed to have shrunk its key interest rates, with inflation reaching its lowest in over a year.
The bank has declared a an overnight deposit cut from 18.75 percent to 17.75 percent, along with an overnight lending rate cut from 19.75 percent to 18.75 percent.
It announced "as incoming data continued to confirm the moderation of underlying inflationary pressures, the MPC (Monetary Policy Committee) decided to cut key policy rates by 100 basis points."
CI Capital Asset Management economist Noaman Khalid explained "a one percent cut is a great signal for investors that the tightening of monetary policy has ended and also a conservative approach which is highly needed in order to test market activity moving forward."
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