Banque Misr drops interest rates on deposits after CBE raises local currency deposit reserves

Banque Misr reduced its interest rates on deposits by 75 bps on Wednesday in response to the CBE’s decision to raise the required reserve on local currency deposits to 14%, the bank’s Deputy Chairman Akef El Maghraby says. This will exclude deposit certificates, he added. Analysts cited by Al Mal expect the trend to spread across most local banks.