Egypt’s Central Bank cut its overnight interest rates by 100 basis points on Thursday, it said in a statement.

The Monetary Policy Committee cut the overnight deposit rate to 20% from 21% and the lending rate to 21% from a 22%.

A Reuters poll on Monday predicted the bank would lower its overnight interest rates by a median one percentage point, owing to eased inflation in November

Egypt’s annual urban consumer inflation edged lower to 12.3% in November, while core inflation, which strips out volatile items such as food and fuel, rose to 12.5% on an annual basis in November from 12.1%.

–Reuters–