UPDATE 1-Egypt's central bank cuts key interest rates by 50 basis points

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CAIRO, Nov 12 (Reuters) - Egypt’s central bank announced its second consecutive cut to key interest rates on Thursday with a cut of 50 basis points

The cut reduces the overnight lending rate to 9.25% from 9.75% while the overnight deposit rate drops to 8.25% from 8.75%.

The move comes after inflation in Egypt dropped close to its lowest levels for more than a decade and the country has been striving to sustain economic activity in the face of the coronavirus crisis.

“The reduction in key policy rates in today’s MPC meeting provides appropriate support to economic activity while remaining consistent with price stability over the medium term,” the central bank said.

The bank also cut rates by 50 basis points at the previous monetary policy committee meeting in September. (Reporting by Aidan Lewis Editing by David Goodman )