Egypt seen cutting interest rates by 100 basis points

The Central Bank of Egypt is expected to lower its overnight interest rates by 100 basis points on Thursday as inflation continues to abate, a Reuters poll showed.

The median forecast of 16 economists surveyed in the poll, published on Monday, is for the CBE's Monetary Policy Committee to cut the deposit rate to 21% and the lending rate to 22% when it meets on Thursday. The rate for deposits is currently 22% and for lending 23%.