CAIRO - 6 June 2024: The European Central Bank (ECB) decided to cut the 3 key interest rates today for the first time in 5 years. The ECB lowered its key interest rates by 25 basis points, bringing the main refinancing rate down to 4.25 percent. This marks the first interest rate cut since March 2016 for the main refinancing operations rate and the marginal lending rate, while the deposit rate has seen its first reduction since September 2019. This brings the central bank’s key rate to 3.75 percent, down from a record 4 percent where it has been since September 2023. She indicated that the future path of interest rates will be "data-dependent," suggesting further cuts could be possible if economic conditions warrant them.

Source: Egypt Today June 06, 2024 13:37 UTC