Egypt cuts benchmark rate for first time in nearly a year
(World News Egypt)

Cairo: Egypt´s central bank unexpectedly cut the benchmark deposit rate by 100 basis points Thursday, its first such move in almost a year, as inflationary pressures ease and investor inflows recover from last year´s rout in emerging markets. The Monetary Policy Committee cut the deposit rate to 15.75 per cent and brought the lending and discount rates down one percentage point to 16.75 per cent and 16.25 per cent, respectively. `Incoming data continued to confirm the moderation of underlying inflationary pressures,` the MPC said in its statement. It said the cut would still allow it to meet its inflation target of 9 per cent, plus or minus 3 per...