CAIRO, April 17 (Xinhua) -- Egypt's central bank on Thursday cut key interest rates by 255 basis points, setting the lending rate at 26 percent and the deposit rate at 25 percent, the bank said in a statement.
The rate cut "aligns with upholding the appropriate monetary stance, with the aim of anchoring inflation expectations and safeguarding the projected disinflation path," the central bank said.
It reaffirmed its commitment to monitoring economic and financial conditions and using all available tools to steer inflation toward its target of 7 percent ± 2 percentage points by the fourth quarter of 2026.
The bank cited ongoing uncertainty surrounding the outlook for economic growth and inflation, which "has led central banks in select advanced and emerging market economies to opt for a cautious approach" to monetary policy's future path.
It also warned that the recent developments in global trade are expected to dampen the outlook due to concerns regarding supply chain disruptions and weakening global demand.
