HSBC hikes interest rates on short-term deposits, variable interest savings accounts

HSBC Egypt raised interest rates on its short-term deposit certificates of by 100 bps to 6.5% for one-week CDs and 10.3% on one-year CDs, Al Borsa reported on Tuesday. Variable interest savings accounts will also now carry interest rates ranging from 3.75% to 11%, after the bank issued a 75-200 bps hike. CIB, BLOM Bank, and the National Bank of Egypt had also increased interest rates in response to the CBE’s decision to hike key rates by 200 bps last month.