Cairo – Mubasher: Egypt’s total term deposits at fixed rate amounted to EGP 10 billion in Tuesday auction, with a return of 18.25% following key interest rate cut.

Offers presented by 22 banks reached EGP 126.9 billion at an allocation rate of 7.88%, according to the Central Bank of Egypt’s (CBE) official website.

In April 2013, the CBE approved the mechanism of fixed-rate term deposits to invest liquidity surplus in the banking sector.