Forbes magazine has shed light on the Central Bank's decision to raise key interest rates by 6% as part of the Egyptian government's efforts to accelerate the decline in inflation and eliminate parallel foreign exchange markets that constrain economic growth.

Forbes noted that as a result of the decision, Egyptian international bonds rose for over two years. Among the longest-dated bonds, the 2047 bonds witnessed the most significant increase, rising by 2.6 cents to reach 82.3 cents.

The EGX 30 index, one of the key indicators on the Egyptian Stock Exchange tracking the performance of the 30 most liquid stocks traded in the market, also rose by 4.8% following the report.

Earlier in the week, Fitch Ratings upgraded Egypt's external liquidity outlook after the country received the first tranche of financing worth $5 billion from a historic $35 billion deal with the UAE for the Ras Al Hikma project.

Egypt struck a deal with the UAE to develop the Ras Al Hikma area on the Mediterranean coast, stating that the deal would provide Egypt with $35 billion over the next two months. Reuters quoted Prime Minister Mostafa Madbouly as saying the project could attract $150 billion in investments and includes investment, commercial, residential, tourist, and entertainment areas, with work expected to begin early next year.

Reuters also reported that Egyptian dollar-denominated sovereign bonds rose on Friday ahead of the announcement of the deal and continued to rise into the afternoon.