Egypt cuts key interest rates by 1 pct

CAIRO, Feb. 12 (Xinhua) -- The Central Bank of Egypt (CBE) on Thursday lowered its key interest rates by 100 basis points, or 1 percent.

The CBE announced in a statement its decision to cut the overnight deposit rate, overnight lending rate, and the main operation rate by 100 basis points to 19.0 percent, 20.0 percent, and 19.5 percent, respectively. The discount rate was also reduced to 19.5 percent.