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Bankers: Egyptian banks reduce the interest rate of dollar deposits under the direction of the Central, today, Monday, March 23, 2020 06:04 pm
Cairo – Agencies:
Six bankers told Reuters on Monday that the Central Bank of Egypt instructed banks to cut interest on dollar deposits to one percent above the London interbank rate (LIBOR), a maximum that is spent every three months, instead of 1.5 percent over LIBOR.
“The aim of the measures is to control the exchange market and limit the expected dollarization operations after lowering the interest rate,” said a banker with a government bank, asking not to be named.
The central bank last week cut key interest rates by 300 points, following major cuts by global and regional central banks as part of economic stimulus measures in the face of the implications of the Corona virus outbreak.
On Sunday, Banque Misr and the Al-Ahly Bank of Egypt launched savings certificates in the local currency, with a return of 15 percent for one year.
A banker with Al-Ahli Bank, the largest bank in Egypt, said that the bank reduced the return on dollar deposits on savings certificates in dollars to 1.25 percent from three percent for return certificates paid in advance for three years, to 1.35 percent from 3.75 percent for five-year certificates, and to 1.5 percent from 3.75 percent For a new three-year gold certificate.
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