On Wednesday, the Central Bank of Egypt's (CBE) Special Monetary Policy Committee Meeting (MPC) announced several economic decisions.
The MPC decided to raise the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 600 basis points to 27.25 percent, 28.25 percent, and 27.75 percent, respectively.
The discount rate was also raised by 600 basis points to 27.75 percent.
It added that the CBE will allow the exchange rate to be determined by market forces.
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