NBE, Banque Misr Offer Highest Return on Securities

Banque Misr, the second largest state-owned bank, as well as the National Bank of Egypt have revealed that both will provide the highest return on securities in the market, at 15% annually.

Chairman of Banque Misr Mohamed El-Etreby added on Thursday, that this certificate will be presented to customers starting next Sunday.

El-Etreby pointed out that this certificate was presented with the aim of supporting the two banks' customers during the coming period, as a result of the spread of the coronavirus across the country.

Also, Akef El Maghraby, Vice Chairman of Banque Misr also revealed that the bank's Committee decided to fix rates of return on fixed savings.

On his part, Yehia Abou El Fettouh, Deputy Chairman of the National Bank of Egypt (NBE), revealed that the bank decided to keep the interest rates on fixed certificates unchanged.

In an emergency meeting last Monday, the Central Bank of Egypt monetary policy committee (MPC) decided to cut both the deposit , the one-night lending rates and the main transaction price by 300 basis points to 9.25 %, 10.25 %, and 9.75 %, respectively.

The committee emphasized that the measure of reducing interest rates was taken as an exceptional measure, which contributes to supporting economic activity in all sectors, taking into account future expectations of inflation and its consistency with the targeted inflation rate of 9 percent (± 3%) during Q4 FY 2020.