Banque Du Caire issues 3-year certificates with 12.5% interest rates

Egypt’s third largest state bank, Banque Du Caire, is issuing savings certificates in Egyptian pounds with an interest rate of 12.5 percent, the bank announced in a statement Tuesday.

The bank is issuing the three-year certificates three days after Egypt’s two biggest state banks, Banque Misr and the National Bank of Egypt (NBE), raised the interest rates on three-year saving certificates to 12.5 percent, a big jump from the average 10 percent at Egyptian banks.

Earlier on Tuesday Societe Arab Internationale de Banque , said it is issuing three-year savings certificates in Egyptian pounds also at a 12.5 percent interest rate.

Source: Reuters