Interest rate on treasury bills drop, short-term dollar deposits

Interest rates on treasury bills dropped, while short term dollar deposits and dollar loans surged last week compared to the previous week, a weekly report by the Cabinets Information and Decision Support Centre (IDSC) said.

The report said interests on, medium and long term deposits, loans and discount rates, trade credits and export advances in Egyptian pounds remained stable without change from the previous week.

Interest rates on short-term dollar deposits rose last week by 3.80 per cent to settle at 1.52 percent from 1.58 percent the previous week.

Interest rate on dollar loans also rose by 1.68 percent last week to settle at 3.52 percent from 3.58 percent the previous week.

The IDSC report said interest rates on short-term deposits in Egyptian pounds from 3-6 months remained stable at an average of 9.50 percent.

Medium range deposits from 2-3 years were unchanged at an average 10 percentage points.

"Average interest rates on long term deposits of more than seven years were also settled unchanged from the previous week at 10 percentage points," the IDSC report said.

Loans and discount rates average during last week steadied at 11 percentage points.

"Average interest rates on trade credits, export advances and other forms of activities last week ranged from 12 to 16 percentage points, unchanged from the previous week," the IDSC weekly report said.