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FINANCIAL NEWS
Egypt’s central bank cuts overnight interest rate
02 Aug 2013
(MENAFN) Egypt’s central bank has announced a surprising cut for its overnight interest rate by 50 basis points, saying it was more concerned about boosting growth than taming resurgent inflation, Reuters reported.
The central bank cut the deposit rate to 9.25 percent and the lending rate to 10.25 percent. It lowered its discount rate and the rate it uses to price one-week repurchase and deposit operations to 9.75 percent.
The Monetary Policy Council (MPC) said heightened uncertainly and weak growth of credit to the private sector since early 2011 had kept investment low.
The central bank had been under pressure to keep interest rates high to attract funds into the local currency.
Egypt’s economy has not recovered since the popular uprising that ousted Hosni Mubarak in 2011.
Gross domestic product grew by 2.3 percent in the nine months to end-March after 1.8 percent in the same period a year earlier, well below the 6 percent pace thought necessary to absorb new entrants to the labor force.
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BBK Successfully Closes USD Benchmark Bond Offering at $500 Million, in Collaboration with a Consortium of Regional and International Banks.
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