Banque du Caire raises interest rates by 1.5-2%
Cairo - Mena
Banque du Caire decided to raise the interest rates on saving schemes, including savings accounts and deposits, by 1.5-2 percent as well as putting out a new kind of variable yield saving schemes according to corridor rate announced by the Central Bank of Egypt (CBE).
Chairman of the board of directors and executive director of the bank Mounir el Zahed on Thursday said these decisions aim to help solving the consequences of the inflation especially during the current structural reforms period.
The bank is contributing to implementing the State plan aiming to change the saving map in Egypt to comply with the current requirements, he added.
He also asserted that the decisions taken earlier by the CBE aim to restore confidence in the Egyptian economy and to reach monetary stability.
Source: Mena
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