降息100个基点！埃及央行宣布→

Core Viewpoint - The Central Bank of Egypt has decided to cut the benchmark interest rate by 100 basis points, marking the fourth consecutive rate cut since the beginning of the year, which aligns with expectations for monetary policy easing [2][4]. Interest Rate Changes - The overnight deposit and lending rates have been adjusted to 21% and 22%, respectively, while the main operation rate is set at 21.50% [4]. - This follows a previous rate cut of 200 basis points on August 28, where the overnight deposit rate was reduced from 24.00% to 22.00% and the overnight lending rate from 25.00% to 23.00% [3]. Inflation Trends - The Consumer Price Index (CPI) year-on-year growth rate decreased from 13.9% in July to 12.0% in August, while core inflation fell from 11.6% to 10.7% during the same period [5]. - The Central Bank anticipates that average inflation for the third quarter will continue to slow, projected between 12% and 13%, down from 15.2% in the previous quarter [5]. Economic Growth Projections - The actual GDP growth rate is expected to increase from 4.8% in the first quarter to 5.0% in the second quarter of 2025, with an average growth rate of 4.4% for the fiscal year 2024/25, driven by non-oil manufacturing, tourism, and trade [4]. Monetary Policy Outlook - The Monetary Policy Committee (MPC) believes that the 100 basis point rate cut will help anchor inflation expectations and support the ongoing process of inflation decline [6]. - The MPC will continue to assess the pace and extent of monetary easing based on updated forecasts, data, and risk balances, aiming for an inflation target of 7% (±2 percentage points) by the fourth quarter of 2026 [6].