RTTNews - Egypt's central bank lowered its overnight deposit rate by 50 basis points to 9% per annum as global economic crisis interrupt the country's growth momentum.

In its monetary policy meeting held on June 18, the bank also cut the discount rate by half a percent to 9% and the overnight lending rate to 10.5%.

The bank said in a statement that annual consumer price eased to 10.2% in May from 11.7% in April. This records a cumulative drop of 13.4 percentage points since its peak in August 2008. The downward trend in headline inflation comes on the back of the decline in domestic food inflation.

Further, the central bank said GDP growth was 4.3% in the third quarter of 2008/09 compared to 7.1% in 2007/08.

Moreover, the bank said despite tentative signs that the worst of the global downturn may be over, consensual projections point to a slow and gradual global economic recovery in 2010.

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