Egyptian banks reduce interest rate of dollar-dominated savings by 1%

CAIRO - 24 March 2020: A well-placed banking source said Egyptian banks have reduced interest rate of dollar-dominated savings by 1 percent.

In statements to MENA Monday, the source said the decision came in light of a trend by all international central banks to down the interest rate on dollars.

The Central Bank of Egypt decided last week to reduce interest rate on deposits and loans in Egyptian pounds by 3 percent.