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Egypt announces second interest rate cut since Aug 1

The Egyptian central bank has cut its key overnight interest rates by 50 basis points (bps), saying it was stressing higher growth over lower inflation, Reuters has reported. This is the Central Bank of Egypt's (CBE) second rate cut since president Mursi's ouster. On August 1 it also cut rates by 50 bps. The bank cut its deposit rate to 8.75% and its lending rate to 9.75%, it said. It also lowered its discount rate and the rate it uses to price one-week repurchase and deposit operations to 9.25%.