Egyptian state-owned banks, such as the National Bank of Egypt and Banque Misr, have increased the interest rates on US$ certificates of deposit (CD) according to Al-Mal economic newspaper.
According to the new decision, quarterly interest rates on three-year CDs have been increased from 2.75% to 3.25%, while the interest rates on five-year CDs went up from 3.25% to 3.75%.
Last February, Commercial International Bank (COMI) and QNB El Ahli (QNBA) applied the increase in rates.
Foreign deposits in the banking system have increased by US$2 billion, reaching $45.4 bn (LE342.3 bn) in January 2015, compared to $43.4 bn (LE327.3 bn) in December 2014, according to Central Bank of Egypt.
