The Egyptian index jumped 4.5%, recording its highest gain in nearly two years

The Egyptian blue-chip index recorded its biggest percentage gain in nearly two years on Monday, after the central bank raised interest rates.

Egypt's blue-chip index closed 4.5 percent higher, after the Central Bank of Egypt raised key interest rates by 100 basis points in a surprise Monetary Policy Committee meeting earlier in the day.

"The Egyptian stock market rose significantly after the central bank raised interest rates in an attempt to combat inflation after the war in Ukraine led to a continuous rise in commodity prices," said Daniel Taqi El-Din, CEO of Middle East and North Africa at BD Suisse.

Earlier today, the value of the Egyptian pound fell against the US dollar, by more than 14 percent, as the Egyptian pound fell to 18.17-18.27 against the US dollar, according to Refinitiv data, after it had been trading at about 15.7 per dollar since November 2020.

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