CIB raises interest rates on short-term deposit certificates

CIB has raised interest rates on short-term certificates of deposit by 100 bps to 3.5% for one week CDs and 11.5% for one-year CDs, according to Al Borsa. Interest rates on savings accounts and personal loans remain unchanged. Several banks, including BLOM Bank and the National Bank of Egypt, had announced changes to their interest rates in the last few days in response to the CBE’s decision to hike overnight lending and deposit rates by 200 bps last week.