Egyptian Banks Raise Interest Rates following CBE's Decision

The National Bank of Egypt (NBE) decided to raise the interest rate on the three-year savings certificate with a variable return to about 2% to reach 18.5% instead of 16.5%, after the Central Bank of Egypt (CBE) decision to raise Key interest rate by 2%.

NBE stated, in a statement, that the new savings certificate can be purchased, starting from EGP 1,000 and its multiples, from any branch of the bank or via the banking internet.

According to NBE, the three-year savings certificate with a variable return is granted a quarterly return, and it is possible to borrow with the guarantee of this certificate from any of the bank branches according to the instructions in force, and credit cards of all kinds can be issued with the guarantee of these certificates.

Banque Misr also raised the yield on the Three-year certificate with a variable return in pounds to 18.5% instead of 16.5%, following the Central Bank's decision to raise interest rates.

The Central Bank of Egypt raised the overnight deposit and lending return rate and the central bank’s main operation rate by 200 basis points, in line with the Egyptian market’s expectations, to reach 18.25%, 19.25%, and 18.75%, respectively.

The Central Bank of Egypt also decided to raise the credit and discount rate by 200 basis points to reach 18.75%.

Earlier today, a source in the National Bank of Egypt told Cairo 24: It is not true what was reported about offering new savings certificates with a return of 25% and 30% in the Egyptian market, after the interest rate was raised by the Central Bank.

During the past month, after issuing high-interest certificates to absorb inflation, the total proceeds of 25% and 22.5% in NBE, and Banque Misr amounted to about EGP 468 billion, since they were announced on January 4 until the end of January, through 28 banks. days.