降息！200点！多国央行，出手！

Core Viewpoint - Both Egypt and the Philippines central banks announced interest rate cuts on the same day, reflecting a trend of monetary easing in response to economic conditions and inflation expectations [1][6]. Group 1: Egypt Central Bank Actions - The Central Bank of Egypt cut its key policy rate by 200 basis points, bringing the overnight deposit and loan rates down to 22% and 23%, respectively [3][5]. - This marks the third rate cut in 2023, following reductions of 225 basis points in April and 100 basis points in May [3][4]. - The bank's decision is based on a reassessment of inflation dynamics and economic growth prospects, with a forecasted economic growth rate of 5.4% for Q2 2025, up from previous expectations [4][5]. - The annual inflation rate in Egypt decreased from 14.9% in June to 13.9% in July, indicating a downward trend in inflation expectations [4][5]. Group 2: Philippines Central Bank Actions - The Central Bank of the Philippines lowered its key policy rate by 25 basis points to 5.0%, marking the third consecutive cut this year [7][8]. - The overnight deposit and loan rates were adjusted to 4.50% and 5.50%, respectively, with a total reduction of 150 basis points since last year [7][8]. - The central bank maintains a stable inflation outlook, with projected inflation rates of 1.7% for 2025, while acknowledging potential upward pressures from electricity price adjustments and changes in rice tariff policies [8]. - Despite external risks, the central bank remains optimistic about the economic stimulus effects of the rate cuts and does not rule out further reductions [8].