10:29 PM
Thursday 24 September 2020
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I wrote – Manal Al-Masry:
The Central Bank’s Monetary Policy Committee decided, today, Thursday, to cut interest rates by half a percent to 8.75% on deposits and 9.75% on lending, for the first time in 6 months.
The central bank said in a statement by the Monetary Policy Committee today that “as a result of containing inflationary pressures and all domestic and global developments, the Monetary Policy Committee decided to reduce the main interest rates of the central bank by 50 basis points.”
“This decision is consistent with achieving price stability in the medium term,” he added. “The reduction in the basic return rates at the committee meeting also provides adequate support for economic activity at the present time.”
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