Egypt interest rates rise

Egypt's central bank has decided to raise its key overnight interest rates by 50 basis points, Egypt's state-owned Gomhuria newspaper reported on Monday. Officials at the central bank's monetary policy unit declined to confirm the newspaper report, saying an announcement would be made later in the day.
Gomhuria said the central bank had decided to hike the overnight deposit rate to 9.50 percent and the lending rate to 11.50 percent. Egypt urban consumer inflation jumped to an 11-month high in February as prices for food and beverages surged.