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Egypt's Banque Misr raises interest rates for account holders

Ahram Online , Tuesday 21 Jun 2016
Egypt's Banque Misr
Views: 2153
Views: 2153

Egypt's Banque Misr raised interest rates on Monday for account holders in response to the central bank's last week decision to raise its key rates to reach the highest in about ten years.

Banque Misr, the second largest state-owned bank, raised rates on deposits 1 percent and on saving accounts 0.75 percent, Chairman Mohamed Eletreby told Ahram Online in a text message.

Earlier on Monday, National Bank of Egypt (NBE) preceded Misr in the decision to raise the rates on deposits by 0.75 percent and on saving accounts by 1 percent.

Last week, the central bank raised interest rates by 100 basis points after core inflation rate hit a seven-year high in May.

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21-06-2016 09:44pm
Saving Accounts
Raising the rates on Egyptian Pound saving accounts is like Ramadan fireworks; lots of noise with no real value; it keeps the children entertained but it gives adults a headache. Egypt has 3 groups, none would benefit; (1) the 70% poor who don’t even have a bank account; the 10% business class and Egyptians abroad most of whom have Dollar accounts. The 20% in the middle such as public sector employees and others live month to month with no savings. So, please advise who’s going to benefit from this raise?
Comment's Title
22-06-2016 01:35pm
The government
The Egyptian economy would benefit from raising interest rate, it may stop inflation from reaching 20%. What other options does the government have? short of building a real economy, but this would require a 180 degree shift in all aspects of running the country!

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