BREAKING: Egypt’s central bank raises key interest rates by 150 basis points

Egypt’s central bank has decided to raise interest rates by 150 basis points during its monetary policy meeting Thursday, three days after it partially devalued the pound.

The Monetary Policy Committee (MPC) raised the overnight deposit rate to 10.75 percent from 9.25 percent and the overnight lending rate was raised to 11.75 percent from 10.25 percent. The bank’s main operation was also increased to 11.25 percent.