Naguib Sawiris applauds Egypt bold rate cut

Egyptian billionaire Naguib Sawiris on Monday lauded the interest rate cuts in Egypt, describing the central bank governor’s decision as sound and bold.

On Thursday, Egypt’s central bank cut key interest rates by 150 basis points for the first time since February. It cut the overnight deposit rate to 14.25 percent from 15.75 percent and the overnight lending rate to 15.25 percent from 16.75 percent.

The central bank governor’s decision to cut key interest rates by 150 basis points, instead of an expected of 100 basis points, was sound, just in time, and very brave, Sawiris told CNBC TV channel in an interview.

“It was a very brave, correct, and just in time step amidst fears of mounting risks from the trade war and a global economic recession.’’ Sawiris said.