Egypt Slashes Benchmark Rates to Stimulate Investment

Egypt Slashes Benchmark Rates to Stimulate Investment

In a decisive policy shift, the Central Bank of Egypt slashed its benchmark interest rate by 225 basis points in April, marking the first rate cut in more than five years. The move brings the overnight deposit rate to 25 percent and the lending rate to 26 percent, ending a prolonged period of record-high borrowing costs aimed at curbing inflation and supporting the Egyptian pound amid external shocks and currency devaluations.  The rate reductio…

Egypt, Turkey Explore Deeper Economic, Investment Co-op

Egypt’s Minister of Public Business Sector, Mohamed El-Shimy received Turkish Ambassador Salih Mutlu Şen, along with his accompanying delegation at the ministry’s headquarters in the New Administrative Capital (NAC).