Banque Misr and Blom Bank have raised interest rates on loans and certificates of deposit following the CBE’s decision to hike rates by 200 bps last week, Al Shorouk reports. Blom Bank increased interest on short-term CDs by a maximum of 200 bps, and is studying doing the same for long-term CDs, the bank’s managing director tells the newspaper. Meanwhile, Banque Misr raised interest on three-year investment certificates to 17.25% from 16%, while personal and auto loans now carry an interest rate of 18.5%, up from 16.5%. Other local banks, including the National Bank of Egypt, will look into increasing their interest rates as well this week, according to Al Masry Al Youm.

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