Egypt's central bank raised its key policy rates by another 200 basis points due to a worsening of the outlook for inflation but held out the prospect of lower rates by saying it expects "a measured easing of the monetary stance" as soon as underlying inflation starts to moderate.

The Central Bank of Egypt (CBE) announced on Wednesday afternoon that has lifted the limits on foreign currency transfers.

Egypt's central bank raised its key policy rates by 200 basis points to 16.75 percent, surprising financial markets and investors, and said it "will not hesitate to adjust its stance to offset anticipated upside or downside deviations from the inflation target."

Egypt has received the second $500 million tranche of a $1.5 billion loan package from the African Development Bank (AfDB), Minister of International Cooperation Sahar Nasr said in a statement late Friday.