Egypt reduces overnight interest rates by 50 bps

CAIRO, Sept 19 (Reuters) - Egypt's central bank cut its key overnight interest rates by 50 basis points (bps) at a monetary policy committee meeting on Thursday as expected.

Seven out of eight economists polled by Reuters had forecast cuts ranging from 25 bps to 100 bps. One economist had predicted no change.

The bank cut its deposit rate to 8.75 percent and its lending rate to 9.75 percent. It lowered its discount rate and the rate it uses to price one-week repurchase and deposit operations to 9.25 percent, the bank said in a statement on its website. (Reporting By Shadia Nasralla; Editing by Patrick Werr)


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