Expert explains reasons for raising interest rates on US dollar certificates ...Egypt

EGYPT INDEPENDENT - Economy
Expert explains reasons for raising interest rates on US dollar certificates
source : EGYPT INDEPENDENT ( Egypt ) () 30
Economic expert and lecturer at the American University in Cairo, Hani Genena, said that the main reason for Egyptian banks to raise the return on US dollar certificates is the noticeable rise in withdrawals, especially from abroad, and the decrease in the attractiveness of the US dollar currency. Banque Misr and the National Bank of Egypt decided on Sunday to raise the return on the new fixed-return US dollar certificates more than double, for a period of three years. During a telephone interview with the privately-owned TV channel Sada al-Balad, Geneina added that raising the interest on certificates came in order to attract more money that comes from abroad. He noted that the new interest

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