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Bank news

IMF completes Egypt’s SBA loan review, $1.6 bln to be disbursed

The IMF said that Egyptian authorities have managed well the COVID-19 crisis and related disruption to economic activity.

The event held at a critical time for the global economy, with countries around the world ending 2020 with increasing COVID-19 cases.

Egypt’s central bank cut its main interest rates by 50 basis points to support an economy badly hit by the coronavirus pandemic.

The move is part of the finance ministry’s plan to diversify its base of investors who want to invest in governmental financial securities.

The bank’s Monetary Policy Committee (MPC) reduced the lending rate to 9.75 percent and the deposit rate to 8.75 percent.

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