A number of private sector banks have started to lower rates on their deposits and high-yielding CDs, following the Central Bank of Egypt’s (CBE) decision last Thursday to cut interest rates by 100 bps. CIB cut rates on its savings accounts by 100-125 bps, while QNB-Alahli cut rates on its three-year CDs by 50 bps. On the other hand, other banks have canceled some of their fixed-rate CDs, including the Arab African International Bank (AAIB), SAIB, Misr-Iran Development Bank and Bank Audi-Egypt.
CIB: EGP87.89 as of 2 Apr. 2018, Rating: Buy, TP: EGP92.00/share, MCap: USD5,756mn, COMI EY/COMI.CA
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