Egyptian banks studying lowering interest rates on deposits

Egypt: Eight Egyptian lenders have said they will consider measures to lower their interest rates, following an announcement by the central bank of a cut in its return rates on government monetary tools, Daily News Egypt has reported. The banks are the Bank of Alexandria, Egyptian Arab Land Bank, Industrial Development and Workers Bank of Egypt, Arab Banking Corp, Suez Canal Bank, Egyptian Gulf Bank, Housing Development Bank and Misr Iran Development Bank. The banks said they would study ways and mechanisms to cut interest rates on triple-term savings certificates, in order to reduce the cost of funds after intense declines recently seen in income derived from government debt and central bank tools. []

Powered by WPeMatico

This entry was posted in Egypt News. Bookmark the permalink.

Leave a Reply