Egypt’s Industrial Development Bank offers certificates of deposits at 16%

Egypt’s state-run Industrial Development and Workers Bank (IDWBE) has offered a three-year certificate of deposit at 16 percent, its executive board member announced Monday.

Hamdy Azzam further told Amwal Al Ghad that the bank plans to boost its deposits, which currently amount to 3.9 billion Egyptian pounds (around $222.8 million), between 20 and 25 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. It also announced it raised key rates by 300 points.

The shareholders’ structure in IDWBE is 84.4 percent for Egyptian Ministry of Finance, 3.3 percent for public sector, and 12.3 percent for private sector.