Banque Misr: time period for availability of new CDs is open

The President of the Federation of Egyptian Banks and Chairman of the Board of Directors of Banque Misr, Mohamed el-Etreby, said that the return of the new Certificate of Deposit (CD) or three years, with a fixed return of 19 percent, and a decreasing 22 percent, is “attractive.”

During an interview with the Saudi Al-Arabiya satellite channel, Etreby explained that the return on the new CDs is attractive because the current high inflation rates are only temporary.

He added that with the stability of the situation globally and locally, the inflation percentage will recede, “and this is what we hope in light of the policies in place. This could be a similar outcome to what happened in 2016.”