Egypt's central bank on Thursday raised its rate for overnight deposits by 100 basis points and for overnight lending by 50 basis points in a move that caught economists by surprise.

It was the central's bank first change in rates since 17 September 2009. The deposit rate was set at 9.25 per cent and the lending rate at 10.25 per cent.

The central bank also raised its discount rate by 100 basis points to 9.5 per cent.

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