Egypt cuts rates first time in six months after inflation relief
(World News Egypt)

Cairo: Egypt cut interest rates for the first time in six months as slowing inflation and a stable currency allowed the central bank to shrug off the risk of contagion from an emerging-market sell-off. The Monetary Policy Committee reduced its benchmark deposit rate by 150 basis points to 14.25 per cent and its lending rate to 15.25 per cent, the bank said Thursday in a statement. Ten of 12 analysts surveyed by Bloomberg had predicted a cut of at least 100 basis points. `As incoming data continued to confirm the moderation of underlying inflationary pressures, the MPC decided to cut key policy rates,`...