Will Egyptian banks present certificates with 20% interest rate soon?

Will Egyptian banks present certificates with 20% interest rate soon?

The Central Bank of Egypt announced various decisions on Thursday aimed at achieving reform measures to ensure the protection and stability of the Egyptian economy, as well as achieving sustainable economic growth.

The Monetary Policy Committee of CBE announced raising the interest rate by 200 basis points, which was followed by an urgent announcement to raise the return on saving certificates in Banque Misr and the National Bank of Egypt to 17.25 percent.

As a result, a number of Egyptian banks operating in the market raised the returns on saving certificates to attract more customers and achieve financial returns.

Amid the deliberation of decisions, a large number of citizens wondered about the new savings certificates, and what will be the highest return from these savings certificates.

Raising the interest rate on saving certificates

Economist Hani Genena said that in light of the CBE’s decisions, “We expect issuance of saving certificates with a very high return that will break the 18 percent barrier and reach 20 percent.”

These certificates will be offered for a short period ranging from six months to a year, after which they will be suspended as had happened with the 18 percent certificates, to achieve financial returns for banks.

Speaking to Al-Masry Al-Youm, Genena