The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to raise key interest rates by 100 basis points, or 1%.

The decision brings the overnight deposit rate, overnight lending rate, and main operation rate to 20.0%, 21.0%, and 20.5%, respectively.

The central bank also raised the discount rate by 100 basis points to 20.5%.

The MPC said the decision comes amid an unfavorable external environment and heightened uncertainty, aiming to anchor inflation expectations and maintain inflation's downward trajectory.