Cairo, 03 Aug-(ANA)-The Egyptian central bank has reduced its interest rates to the lowest in three years in trying to arrest the effects of the economic slowdown as well as the inflation pressure.
The bank published in its statement the new rates which are said to be the fifth consecutive time reduction this year. The deposit rate has been cut to 8.5 percent while the lending rate was reduced to 10 percent, the bank said in a statement.
The bank also projected a continued downside domestic growth outlook, though saying the inflationary pressures are subsiding.
Egypt’s inflation reached 25.6 percent about a year ago but lowered down to 10 percent by May this year according to reports.
According to the latest government figures, economic growth had slowed to 4.7 percent in the country by June from an average of 7 percent in the past three years. (ANA)
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