Private sector banks begin lowering interest rates in response to CBE’s latest rate cut

Private sector banks have begun lowering rates and scrapping high-yielding CDs in response to the CBE’s decision last Thursday to slash key interest rates by 100 bps, according to Al Mal. CIB slashed rates on its savings accounts and certificates by 100-125 bps and QNB Al Ahli-Egypt also docked 50 bps off its three-year CDs, while the Arab African Bank and Misr Iran Development Bank both decided to cancel their three-year, fixed-rate CDs, and SAIB also scrapped its 15% CDs. The three largest state-owned banks have yet to make any official announcements.Banque du Caire has reportedly postponed its Assets-Liability Committee meeting to Wednesday from yesterday, and intends to make a decision then, Al Mal also says.