Cairo - Mubasher: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) has decided on Monday to raise interest rates by 100 basis points, according to an official statement.

The CBE will increase the overnight deposit rate, overnight lending rate, and the main operation rate to 9.25%, 10.25%, and 9.75%, respectively.

Meanwhile, the credit and discount rate rose by 100 basis points to register 9.75%.

This decision was taken amid the re-emergence of global inflationary pressures, the rise in global commodity prices and freight costs, as well as supply chain disruptions due to the Russia-Ukraine war.

Given the CBE's inflation rate target of 7% (±2%) on average during the fourth quarter (Q4) of 2022, the MPC will raise the key interest rates by 100 basis points.