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Egypt’s Central Bank raised its overnight interest rates by 200 basis points (bps) on Thursday, according to reports.

The rates were raised after a meeting of its Monetary Policy Committee (MPC), who said its aim was to bring high inflation into check, Reuters reported.

Egypt has been struggling to contain economic pressures exposed by the consequences of the war in Ukraine, which include rising costs to grain and fuel imports.

The bank set the lending rate at 19.25% and the deposit rate at 18.25%, according to Reuters.

Finance and investment experts, including Tariq Metwally, believe the best way out of the financial crisis is for the government to sell more public companies.

Metwally told °®Âþµºâ€™s Arabic service Al-Araby Al-Jadeed he believes this he expects it would contributes to attracting foreign direct investment, raising the efficiency of facilities and productivity, and contribute to reducing the gap between exports and imports.

He also believes it would expand job opportunities in the private sector and the flow of foreign direct investment.

The Egyptian currency has experienced sharp devaluations since last March that have seen it lose nearly half its value against the dollar.Ìý

In February, headline inflationÌýto a five-and-a-half-year high of 31.9% from 25.8% in January. Core inflation in February rose to a record high of 40.3%, Reuters reported.

In a bid to boost the tourism sector, a vital source of the national economy, Egypt also announced it will offer tourists a five-year multiple-entry visa and add more nationalities to visa-on-arrival eligibility.