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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 reduction follows nearly a year of stringent…
