NBE, Banque Misr issue savings certificates with 17%, 15% returns

CAIRO – 18 February 2018: The National Bank of Egypt (NBE) and Banque Misr started on Sunday issuing new savings certificates with an annual return of 17 percent and 15 percent.

The duration of the 17 percent certificate is one year - 12 months - with a quarterly turnover and an annual return of 17 percent.

The duration of the 15 percent certificate is three years with a monthly turnover.

The Chairman of Banque Misr Mohamed el-Etrabi told Youm7 that Banque Misr’s board of directors decided last Thursday to cancel the 20 percent and 15 percent savings certificates and to issue new certificates with 17 percent and 15 percent turnover.

On Thursday, The Central Bank of Egypt lowered the interest rate by 1 percent as the inflation rates keep going downhill for the first time since November's flotation.

The bank cut its overnight deposit rate to 17.75 percent from 18.75 percent and its overnight lending rate to 18.75 percent from 19.75 percent.