Arab Finance: The Central Bank of Egypt (CBE) raised its key interest rates by 100 basis points, the central bank announced in a statement.

The Monetary Policy Committee (MPC) raised the overnight deposit rate to 20%, the overnight lending rate to 21% and the rate of the main operation to 20.5%.

Meanwhile, the discount rate was also increased to 20.5%.

This decision comes amid challenging external conditions and elevated uncertainty, as the CBE aims to keep inflation expectations anchored and safeguard the disinflation trajectory.