Banks are ignoring the Central Bank of Egypt’s 100 bps interest rate hike as only a handful of state-owned banks are increasing interest rates on savings products correspondingly. Daily News Egypt was told the correspondingly higher return on treasuries was not large enough to justify increasing the interest rates paid on savings products offered to clients. One treasury head expects the increase not to last for longer than three months to avoid impacting the local public debt negatively. Al Borsa adds to its sister publication’s views, saying banks are preparing to increase rates on loans 1-1.5 percentage points within a few days following the increase in their cost of funds.