Egyptian banks meet on Sunday to set interest rate

The Assets and Liabilities Committees (ALICOs) in banks will start meeting from next Sunday to discuss the fate of the interest rate on certificates and loans after the decision of the Central Bank to raise the interest rate by 3%.

The Central Bank decided to raise the interest rate by 3% on deposits and loans at the last meeting of the monetary policy committee in 2022 yesterday, Thursday, to curb inflation.

The interest rate was 16.25% on deposits and 17.25% on loans.

The ALICO committees will discuss an increase in the interest rate on certificates for a period of 3 years, as well as on individual loans (personal loans, cars, durable goods and real estate financing outside the initiative of the Central Bank).

The interest rate on short-term deposits and regular and current savings accounts will also be discussed.

Source: Week