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The Central Bank of Egypt cut its benchmark overnight deposit rate by 100bps to 25% in its May 2025 meeting, a second consecutive rate cut, but less aggressive than market expectations that ranged from a 125bps rate cut to a 300bps rate cut. The rate cuts were the first in five years, aligning with the central bank's goal to support growth as Egypt remains as one of the economies with the highest real interest rates in the world. Still, the caution against more aggressive rate cuts aimed to support the domestic pound after the monetary authority devalued its currency by 40%. In the meantime, the overnight lending rate was also slashed by 100bps to 25%.