Egypt's Banque Misr to offer certificate with initial 30% interest rate

Egypt's state-owned Banque Misr and National Bank of Egypt are issuing three-year certificates with a 30% interest rate for the first year, 25% for the second and 20% for the third, Banque Misr and state media said.

The Egyptian central bank on Wednesday hiked interest rates by 600 basis points at an unscheduled meeting and said it would let the pound trade freely in an apparent move to restore economic stability with the help of Gulf investment inflows.