By: Ahmed Allam
Cairo – Mubasher: Egypt's state-owned National Bank of Egypt (NBE), Banque Misr and Banque du Caire decided to issue EGP- denominated certificates of deposits with an interest rate of 16% and 20%.
The banks will offer 1.5-year certificates at 20% due every three months and 3-year certificates at 16% due every month, Mohamed El-Etreby, chairperson of Banque Misr, told Mubasher.
The central bank decided to raise interest rates by 300 basis points, a move came after the bank floated the Egyptian pound earlier on Thursday.
Translated by: Julian Nabil
