I read this sentence:
Egypt's central bank cut its benchmark overnight deposit rate by another 50 basis points to 8.75 percent, its second rate cut in two months.
What does basis points mean in this context?
Wikipedia has the definition of 1/100th of a percentage point.
So, 8.75 percent is 875 basis points for one example. A quarter of one percent would be 25 basis points for another example.
1 basis point is 0.01%, so 50 basis points would be 0.50%.
So Egypt's central bank cut its benchmark overnight deposit rate from 9.25% to 8.75%.