The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation for the third consecutive meeting in row by 1 percent or 100 basis points during Thursday's meeting, Nov. 14, matching analyst expectations. The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively. Moreover, credit and discount rates were reduced to 12.75 percent from 13.75 percent.
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