BANKING-

Banque Misr, NBE trim interest rates on CDs, suspend USD CDs: State-owned Banque Misr and the National Bank of Egypt (NBE) slashed interest rates on new issuances of certificates of deposit (CDs) by 1 percentage point, effective today, and suspended the issuance of USD-denominated CDs with interest paid upfront in EGP, according to statements seen by EnterpriseAM. The move follows the central bank’s latest interest rate cut.

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REMEMBER- The two state-owned lenders cut rates on their CDs last month shortly after the central bank announced its first rate cut in years.

It’s not just state-owned lenders: CIB, too, trimmed rates on its CDs by 1 percentage point. You can check out the new rates (pdf) on the lender’s website.

AI-

Raya IT will launch a new AI solutions division during 2H 2025, CEO Hisham Abdel Rassoul said, according to a statement (pdf). The new AI division will support businesses with AI solutions to streamline and enhance their strategic and operational plans, starting with the financial sector, before targeting other sectors.

RETAIL-

LC Wakiki’s local agent Tema is planning to add 45 new stores to its branch network in Egypt, bringing it to a total of 100 outlets, a company official told Al Arabiya. The company targets a 15% increase in annual sales by next year, he said. To support the expansion, the company plans to contract with an additional 40-50 clothing production lines, he added.

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