Cairo - Mubasher: Banque Du Caire has obtained EGP 12 billion ($683 million) from the new certificates of deposit (CDs), the bank’s chairman and CEO Mounir El Zahid told Mubasher.

The new high-interest certificates were issued after the Central Bank of Egypt (CBE) decisions to float the pound and raise the interest rates by 300 basis points.

NBE, Banque Misr, as well as Banque Du Caire issued 18-month CDs at 20% offering quarterly paid interest, and three-year CDs at 16% with a monthly paid interest.

El Zahid also said that Banque Du Caire’s small and medium enterprises (SMEs) portfolio reached EGP 3 billion by the end of October, raising SME’s accumulated portfolio to EGP 10.5 billion.