Egyptian banks cut interest rates on variable certificates following Central Bank move

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Egyptian banks cut interest rates on variable certificates following Central Bank move

In an automatic move responding to the Central Bank of Egypt’s reduction of key interest rates, banks operating in Egypt have decided to decrease interest rates on variable-yield certificates by 2.25%. The Monetary Policy Committee of the Central Bank “ALICO” announced a 225 basis point cut in the overnight deposit and lending rates, as well …

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Source: Egyptian banks cut interest rates on variable certificates following Central Bank move