Banque du Caire saving certificates interest rates hike 1.5-2%

CAIRO – 20 July 2017: Banque du Caire increased the interest rates on saving certificates from 1.5 percent to 2 percent, a Thursday statement said.

The bank also decided to offer a new product for new saving certificates with variable interest rate, according to the corridor rate announced by the Central Bank of Egypt (CBE).

The move comes in response to the CBE’s decision to raise interest rates by 200 bps on July 7.

Last week, the National Bank of Egypt (NBE), Egypt’s largest public bank, has decided to hike its interest rates on savings accounts by 0.5 percent as of August, the bank’s CEO Hisham Okasha said.