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English news

06-Nov-2016

NBE, Banque Misr and Banque du Caire to offer two new high-yielding certificates of deposits

Egypt’s three largest state-owned banks, National Bank of Egypt (NBE), Banque Misr and Banque Du Caire will offer 18-month certificates of deposits at 20% and three-year certificates of deposit at 16%. The move came after the Central Bank of Egypt (CBE) announced  that it floated the Egyptian pound earlier on Thursday, setting a guidance level of EGP/USD at 13, nearly 48% higher than the rate offered since March 2016. CBE also raised the benchmark rates by 300bps. (Amwal Al Ghad)

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