Egypt cuts interest rates for first time since 2020

Egypt's central bank cut interest rates by 225 basis points on Thursday, the first reduction since 2020, citing improved economic activity and easing inflation. The overnight deposit rate is now 25%, the lending rate 26%, and the main operation rate 25.5%. The move follows years of hikes amid a currency crisis. It comes days after fuel subsidy cuts and weeks after the IMF approved a $1.2 billion payout under Egypt's reform program.