Egypt Finance Ministry Raises Interest Rates of Suez Canal Certificates to 15.5 PctSource: www.export-egypt.com 11/6/2016, Location: Africa |
|
|
|
|
 Egypt's finance ministry has raised interest rates on Suez Canal investment certificates to 15.5 percent, minister Amr El-Garhy announced.
El-Garhy said that the increase will be for the remaining three years of the five-year certificates. "This decision was made in coordination with the chairman of the Suez Canal Authority Mohab Mamish and central bank governor Tarek Amer," the minister added. The decision comes in accordance with the central bank's decision to raise key interest rates by 300 basis points after the floating of the local currency on Thursday. The overnight deposit rate, the overnight lending rate and the rate of the CBE's main operation have been raised to 14.75 percent, 15.75 percent and 15.25 percent respectively. Suez Canal investment certificates, which were sold in September 2014 in Egyptian pounds only, were issued to finance the digging of the new Suez Canal project, a parallel waterway to the first canal. The Suez Canal project collected EGP 64 billion in eight days by selling non-tradable certificates with a maturity of five years at 12 percent interest to Egyptian nationals. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
