A number of private banks hastened to protect their local currency deposits and urged their customers not to withdraw and deposit these at public banks—which offered savings vessels in local currency with an interest rate of 20%. According to an official at these banks, the decision to increase domestic interest rates comes in response to the Central Bank of Egypt’s (CBE) interest rate hike of 300bps. National Bank of Egypt (NBE), Banque Misr and Banque du Caire increased their 18-months saving certificates yield to 20%, and their three-year certificates’ yield to 16%. Commercial International Bank (CIB) increased interest on one of its saving certificates to 19% for the quarterly yield and 18.5% for the monthly yield. SAIB increased its saving certificates’ yield from 12.5% to 16%, and offered an 18-month savings certificate at a yield of 20%. NBAD Egypt increased the interest rate on its deposit and savings accounts by 3%. Misr Iran Development Bank (MIDB) is studying increasing interest rates on its saving vessels in local currency on Tuesday, while the Egyptian Arab Land Bank (EALB) decided to offer 18-month savings certificates at a yield of 20%, and a three-year certificate at a yield of 16%, similar to the step taken by governmental banks. The Industrial Development & Workers Bank of Egypt decided to increase its three-year savings certificates’ yield by 3% to reach 16.25%. A large a number of savings certificates in local currency automatically increased, according to the basic interest increase issued by the CBE, because they are linked to CBE’s rates. These certificates are issued by roughly 12 banks. (The Daily News Egypt)   CIB: EGP65.31 as of 08 November 2016, Rating: Buy, FV: EGP69.87 per share, MCap: USD4,222mn, COMI EY / COMI.CA