Egypt: Three state-run banks lead savings certificates market with record-yield vessels

Egypt: Three state-run banks lead savings certificates market with record-yield vessels

Egypt - The National Bank of Egypt, Banque Misr, and Banque du Caire led the savings certificates market at record interest rates, after the Central Bank of Egypt (CBE) had raised its basic interest by 2%.

The Assets and Liabilities Committees (ALCO) at banks held several meetings last week to adjust the interest rates on their savings and loan products, after the CBE increased its basic rates to 18.25% for deposits, 19.25% for lending, and 18.75% for the credit and discount rates, and the price of the main operation with the Central Bank.

The National Bank of Egypt issued a new platinum certificate for a period of 3 years, with a minimum purchase of EGP 1,000 and its multiples, at a fixed return rate of 19% annually, paid monthly.

The bank also issued another platinum certificate for a period of 3 years, with a minimum purchase of EGP 1,000 and its multiples, with a decreasing return of 22% in the first year, 18% in the second year, and 16% in the third year.

Banque Misr decided to reissue the “Ibn Misr” certificate for a period of 3 years, with a decreasing return starting from 22% in the first year, 18% in the second year,