Egypt's central bank cuts lending and deposit rates by 150 basis points

CAIRO, Aug 22 (Reuters) - Egypt's central bank on Thursday cut the overnight deposit rate by 150 basis points to 14.25% after July inflation figures came in significantly below expectations.

The overnight lending rate was cut by 150 basis points to 15.25%, the bank said in a statement.

Seven out of 13 economists surveyed by Reuters had said the bank's monetary policy committee would cut overnight rates by 100 bps.

(Reporting by Ulf Laessing Editing by Gareth Jones)

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