IDSC denies raising interest rates on individual, SMEs loans

CAIRO - 11 July 2017: The Cabinet's Information and Decision Support Center (IDSC) denied reports circulated on some websites and social media pages on raising the interest rates on individual loans, those of small and medium enterprises (SMEs) and the high-yield investment certificates.

The reports were linked to the decision taken by the Central Bank of Egypt (CBE) last week to raise the interest rate by two percent, the IDSC said in a Tuesday report.

The IDSC has contacted the CBE, which denied these reports and emphasized that the SMEs initiative will not be subject to the new interest rates and its rate will stand at five percent, the report added.