Cairo – Mubasher: Banque du Caire raised more than $630 million following the flotation of the Egyptian pound against the US dollar, said Akef El Maghraby, Vice Chairman.
“The proceeds of the new investment certificates exceed EGP 55 billion,” added El Maghraby in exclusive statement to Mubasher.
On 3 November, the state banks decided to offer a year-and-half certificate and a three-year investment certificate, generating a quarterly yield to be sold at 16% and 20% interest rates respectively, Al-Atribi stated.
The same day witnessed a hike of Egypt's key interest rates by 300 points or 3% after the EGP exchange rate was free floated.
The Central bank governor Tarek Amer announced that banks received EGP 70 billion from the new certificates offered after EGP free flotation.
