Deposits at NBE reach LE850B by June end: Deputy Head

CAIRO – 29 July 2017: Deposits portfolio at Egypt’s largest state-owned bank, the National Bank of Egypt (NBE), reached LE 850 billion ($47.2 billion) by the end of June.
Deputy chairman of NBE Yehia Aboul Fotouh told Egypt Today Saturday that the growth of deposits over fiscal year 2016/17 registered LE 292 billion.

Earlier this month, NBE hiked its interest rates on savings accounts by 0.5 percent as of August, the bank’s CEO Hisham Okasha said.

The move comes in response to the Central Bank’s decision to raise interest rates by 200 basis points on July 7.

Okasha added that interest rates on the 6-month deposits were increased by 0.75 percent.

Meanwhile, the bank kept its 18-month Certificates of Deposit (CDs) at 20 percent and the three-year Certificates of Deposit at 16 percent interest unchanged.

The NBE is the second public bank to hike interest rates after Banque du Caire, which raised its interest rates on Certificates by two percent.