The loans provided by the Mortgage Finance Fund for real estate, targeting middle- and low-income citizens, will remain steady amid a 3% increase in key interest rates at banks, Mai Abdel Hamid, Chairman of Mortgage Finance Fund told Invest-Gate.

Her statement comes following the Central Bank of Egypt’s decision to raise key interest rates by 3% in the aftermath of a long-anticipated move to liberalize the value of the Egyptian pound against the US dollar.

The interest rate on loans will not increase to more than the official 7.75%, irrespective of the central bank’s decision to increase interest rates, Abdel Hamid said.

The central bank decided that interest rate on loans will increase by 3% to register 15.25%.