Dollar rises to new record in Egypt

The dollar in Egypt rose against the pound sterling to a new record level after the issuance of a new savings certificate with a face value of 25%.

Data today, Wednesday, showed the Egyptian pound trading at 25 against the dollar, its lowest level in history.

Banque Misr has chosen to offer an annual savings certificate with 25% interest to be spent at the end of the period or 22.5% interest to be spent monthly.

Banque Misr confirmed that this certificate has been provided since the beginning of today’s work in all branches of the bank and in all electronic channels of the bank.

The Central Bank decided at the end of last month to raise interest rates on deposits and loans by 3%.

The savings certificate came at a time when the International Monetary Fund approved a $3 billion loan to Egypt, as well as a decision by the Central Bank to raise interest rates by 300 basis points, or 3%.

Source: RT