Egypt Unexpectedly Cuts Rates to Boost Economy Hit by Unrest - Bloomberg:
"Egypt’s central bank unexpectedly cut its benchmark interest rate, seeking to spur an economy that’s been hobbled by persistent political unrest.
The bank reduced the overnight deposit rate by half a percentage point to 8.25 percent today and the overnight lending rate by the same amount to 9.25 percent. All eight economists surveyed by Bloomberg had expected the bank to keep the deposit rate on hold.
The bank has cut rates three times by a total of 1.5 percentage points since July, when the army toppled President Mohamed Mursi. Escalating violence since then, as security forces cracked down on Mursi’s Islamist supporters, has added to the tensions that have kept investors and tourists away since the revolt against Hosni Mubarak in 2011. The government has announced more than $4 billion of new spending to help create jobs and boost output."
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