NBE, Banque Misr, Banque du Caire to offer two certificates of deposits at 20%

Egypt’s three largest state-owned banks, National Bank of Egypt, Banque Misr, Banque Du Caire will offer 18-month certificates of deposits at 20 percent and three-year certificates of deposit at 16 percent.

The move came after the central bank announced  that it floated the Egyptian pound earlier on Thursday, setting a guidance level of 13 pounds to the dollar, nearly 48 percent higher than the rate offered since March.