Egypt central bank raises key interest rates by 150 basis points

Egypt's central bank raised its key interest rates by 150 basis points at its monetary policy meeting on Thursday, three days after it devalued the pound.

The Monetary Policy Committee (MPC) raised the overnight deposit rate to 10.75 percent from 9.25 percent and the overnight lending rate was raised to 11.75 percent from 10.25 percent, according to a statement.