Foreign firm deposits $25m into Banque Misr after CBE’s decisions

A foreign company deposited $25 million in Egypt’s Banque Misr on Wednesday, in a move that proves trust in the Egyptian Central Bank’s decisions this morning to free float the local currency, Mohamed El-Attarbi, Chairman of Banque Misr, disclosed in statements to Extra News channel, according to the Federation of the Egyptian Banks (FEB).

Banque Misr on Wednesday issued a new 3-year savings certificate with a decreasing annual rate of 30 per cent for the first year, 25 per cent for the second year, and 20 per cent for the third year, with the yield paid annually.

Egypt’s Monetary Policy Committee (MPC) decided in its extraordinary meeting on Wednesday to raise the overnight deposit and lending rates and the Central Bank’s main operations rate by 600 basis points to reach 27.25 per cent, 28.25 per cent, and 27.75 per cent, respectively. The credit and discount rate was also raised by 600 basis points to reach 27.75 per cent.