The Central Bank of Egypt (CBE) increases interest rates by 200 basis points, Invest-Gate reports.

The CBE raises overnight deposit and overnight lending rates to 13.25% and 14.25%, respectively.

The rates of the main operation and discount are also raised to 13.75% and 13.75%.

The central bank attributes its decision to its endeavor to stabilize prices in the medium range.

Egypt works on intensifying its reform agenda and maintaining sustainable growth.

The CBE adds in a statement that it “moved to a durably flexible exchange rate regime, leaving the forces of supply and demand to determine the value of the EGP against other foreign currencies, while prioritizing the primary goal of achieving price stability, and building up sustainable, adequate levels of Foreign Exchange Reserves.”

By 1:19 PM, Cairo Time, the US dollar surges against the Egyptian pound, approaching EGP 22.84.