Three state-owned banks have raised returns on deposits, in response to the Central Bank of Egypt (CBE)’s decision to raise interest rates by 150 bps on deposits and lending. The banks that responded to the CBE decision are National Bank of Egypt (NBE), Banque Misr, and Banque Du Caire all of which raised their returns by 1%-1.25% on deposits and current saving accounts. The central bank’s Monetary Policy Committee (MPC) raised Thursday the overnight deposit rate to 10.75% from 9.25% and the overnight lending rate was raised to 11.75% from 10.25%. (Amwal Al Ghad)