Friday, the Central Bank of Egypt lowered its overnight deposit rate by 50 basis points to 10%. In February, the central bank had reduced the base rate by 100 basis points from 11.5%.

The central bank also lowered the overnight lending rate by 50 basis points to 12% and the discount rate to 10%.

Egypt's inflation continued to slow to reach 13.5% in February, down from 14.3% recorded in January.

Meanwhile, the domestic GDP annual growth declined to 4.1% in the second quarter of 2008/09 from 5.8% in the previous quarter. A year ago, the GDP was up 7.1% in the same period. The decline in the economic growth was a consequence of the global recession.

The central bank said the monetary policy committee will continue to take the necessary measures to contain the adverse effects of the global economic turmoil on the domestic economy.

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