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CAIRO, Nov 14 (Reuters) - Egypt's central bank cut its key interest rates on Thursday at its third consecutive policy meeting since August, after inflation fell to its lowest in nearly 14 years and central banks continued to ease monetary policy globally.
The overnight deposit and lending rates were cut by 100 basis (bps) points to 12.25% and 13.25% respectively.
The cut was in line with expectations. Eight out of 14 economists surveyed by Reuters had expected the Central Bank of Egypt (CBE) to cut rates by 100 basis points (bps). Two predicted a 50 bps cut, two foresaw the bank slashing 150 bps and two expected no change.
Egypt's annual urban consumer price inflation fell to 3.1% in October from 4.8% in September, its lowest rate since December 2005, according to Refinitiv data. The CBE targets inflation of 9% plus or minus 3 percentage points. It cut rates by a combined 200 bps in August and September.
"The 100 bps cut is good although, in my view, the cut could have been more aggressive given Egypt's fast falling inflation rates," said Angus Blair, chairman of business and economic forecasting think-tank Signet. He said he expected the bank to make another 100 bps cut when it meets next month. (Reporting by Mahmoud Mourad and Yousef Saba; Editing by Peter Graff)