Three Egyptian banks offer new long-term investments
The Misr-Iran Development Bank, the Misr International Bank and the Egyptian American Bank have recently offered new long-term investment options in the Egyptian markets, reports Al-Sharq Al-Awsat newspaper. Maturing periods of the investments will range from three to five years.
The new options come as a result of all three participating banks’ choice to take advantage of the Egyptian Central Bank’s decision to exempt long term investment options from the reserve rate restrictions imposed on commercial banks. The reserve rate in Egypt amounts to 15 percent of total bank deposits.—(MENA Report)
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