National Bank of Egypt, Banque Misr release certificates of 22-16%

CAIRO - 2 April 2023: The National Bank of Egypt and Banque Misr announced Sunday two savings certificates of three years, reflecting the positive outlook on lower interest rates in the upcoming period.

Egypt’s Central Bank (CBE) raised on Wednesday the interest rates by 2 percent, reaching the highest level since July 2017, as well as other anti-inflation measures.

The first certificate is fixed for three years at a rate of 19 percent annually, and the return is paid monthly. The second certificate of three years is at an annual rate of 22 percent for the first year, 18 percent for the second year, and 16 percent for the third year. The return is paid monthly.

The Monetary Policy Committee (MPC) decided to raise key policy rates by 200 bps.

In its meeting, the overnight deposit rate, overnight lending rate, and the rate of the main operation was raised by 200 bps to 18.25 percent, 19.25 percent, and 18.75 percent, respectively.

The discount rate was also raised by 200 bps to 18.75 percent.