Egypt's central bank cuts key interest rates by 100 bps

The monetary policy committee cut the overnight deposit rate to 20% from 21% and the lending rate to 21% from 22%.

A 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%.