Banks begin reducing rates on high-yield CDs

A number of banks have scrapped their high-yield certificates of deposit and began repricing them at rates 100-300bps lower than the ones offered in November after the EGP flotation, Al Borsa reported. Only National Bank of Egypt and Banque Misr have kept their products’ interest rates at 20%, with sources from both banks denying intentions to reduce rates. CIB and HSBC have repriced their own CDs, reducing their interest rates by 100-175 bps.