Banque Misr lowers interest rates on BMVIP service

CAIRO – 2 April 2018: Following the Central bank of Egypt’s decision of cutting the interest rates, Banque Misr lowered its interest rates by 1 percent on BMVIP service.

By the beginning of March, the bank decreased the rates on BMVIP service by 0.5 percent.

The new interest rates at Banque Misr for the slide that ranges from LE 1 million to LE 2 million slipped to 8.25 percent from 9.25 percent, and for the slide that ranges from LE 2 million to LE 10 million slipped to 8.75 percent from 9.75 percent.

Interest rates for the slide of LE 10 million to LE 30 million stood at 9.25 percent from 10.25 percent and went down to 9.75 percent from 10.75 percent for the slide of LE 30 million to LE 100 million.

Regarding the slide of LE 100 million and above, interest rates were reduced to 11 percent from 12 percent before the decision.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) lowered the interest rates for the second time this year by 1 percent on Thursday.

The committee set the overnight rate and the overnight lending rate at 16.75 percent and 17.75 percent, respectively.

In February, the MPC lowered the interest rates by 1 percent for the first time since the flotation of the Egyptian currency in November 2016 after inflation rates slowed down.

Banque Misr decided to cut the rates by 1 percent after the first interest rate cut since the flotation of the Egyptian Currency.