Egypt raises key rates by 150 bps, statement due shortly

    Egypt's central bank raised all its key interest rates by 150 basis points, only days after the Central Bank of Egypt said it would adopt a more flexible exchange rate.
    The Central Bank of Egypt (CBE), which in December raised rates by 50 basis points, will issue a statement by its monetary policy committee later today to explain its decision.
    The 50-point rate hike raises the overnight deposit rate to 10.75 percent, the overnight lending rate to 11.75 percent, the rate on its main operation to 11.25 percent, and the discount rate to 11.25 percent.