Al-Ahly Bank and Egypt Bank offer two new certificates for a period of 3 years, with a fixed return of 19% and a decreasing rate of 22%
The National Bank and Banque Misr announced the issuance of new savings certificates with a fixed return of 19% for a period of 3 years and a decreasing return of 22%.
This step comes after the central bank raised interest rates by 200 basis points.
And the Monetary Policy Committee of the Central Bank of Egypt had decided, in its meeting on Thursday, March 30, 2023, to raise the rates of the overnight deposit and lending return and the price of the main operation of the Central Bank by 200 basis points, to reach 18.25%, 19.25% and 18.75%, respectively. The credit and discount rate was raised by 200 basis points to 18.75%.
