The central bank’s move to increase the required reserve ratio to 14% from 10% raises the cost of high-yield certificates of deposit issued by state-owned banks by 80-100 bps, sources told Al Mal. Banque Misr, National Bank of Egypt, and Banque du Caire issue certificates carrying rates of 20%. The new reserve requirements increase their cost of issuance to 22.8-23%, the sources said.