Egypt cuts key policy rates by 100 basis points

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.