Banque Misr reverses decision to cut rates on deposits -source

Banque Misr has cancelled its decision to cut interest rates on EGP-denominated savings accounts by up to 75 bps after the CBE’s move to raise the required reserves ratio, a source told Al Mal. Reversing the decision came after the bank saw increased demand on one of its funds that pays interest daily and generated an average return of 16.8%.