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Monday, 21 November 2016

State-owned banks rake in EGP 135 bn from CDs

State-owned banks win EGP 135 bn in new deposits: High-yield certificates of deposit issued by the National Bank of Egypt, Banque Misr, and Banque du Caire have attracted a collective EGP 135 bn in new deposits, unnamed banking officials tell Al Borsa. NBE raked in EGP 80 bn, while Banque Misr netted EGP 44 bn and BdC EGP 11 bn respectively. The move by state-owned banks to offer CDs with rates as high as 20% prompted private sector banks to offer their own high-interest instruments to hedge against losing client deposits.

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