The Central Bank of Egypt's Monetary Policy Committee decided to raise key interest rates by 100 basis points, or 1%, in light of economic developments, unfavorable external conditions and rising uncertainty.

As a result, interest rates on floating-rate certificates of all tenors at every bank operating in Egypt's banking sector rise by 1%.

The decision affects returns and interest rates on all bank savings products, including certificates, savings accounts and deposits, especially floating-rate certificates linked to the corridor rate. It also affects interest rates on loans.

Most banks are set to decide interest rates on all their savings products in the coming period. Rates on savings products, whether accounts or deposits, are expected to rise by amounts that vary from bank to bank, depending on the meeting of each bank's ALCO committee, which sets the bank's interest rates after studying the market.