CAIRO, May 22 (Xinhua) -- The Central Bank of Egypt (CBE) decided on Thursday to cut overnight deposit rate, overnight lending rate, and the rate of the main operation by 100 basis points to 24 percent, 25 percent, and 24.5 percent, respectively.
In a statement, the CBE said it also decided to cut the discount rate by 100 basis points to 24.5 percent.
The CBE said the decision reflects its latest assessment of economic developments since the Monetary Policy Committee's (MPC) previous meeting in April. It noted that global growth forecasts have softened, driven largely by continued uncertainties in global trade policy and potential supply chain disruptions.
The MPC emphasized that the rate cut is intended to balance caution over prevailing economic risks with the need to support the ongoing monetary easing cycle. The move is also aligned with the central bank's disinflation targets over the coming period, according to the statement.
"The MPC will continue to evaluate its decisions regarding the magnitude and pace of policy adjustment on a meeting-by-meeting basis," it added.
In April, the CBE cut key interest rates by 255 basis points, setting the lending rate at 26 percent and the deposit rate at 25 percent. ■