04:34 PM
Friday, November 18, 2022
Tibet – Manal Al-Masry:
Thirteen banks modified interest rates on certificates following the central bank’s decision to liberalize the exchange rate last October, while other banks are working on settling for raising their interest rates following measuring the impact of competition on their liquidity and customer movements.
And the banks’ movements to raise interest following the Central Bank’s extraordinary decision to raise the interest rate, to come following that the National Bank of Egypt and Egypt announced the issuance of certificates with an annual high interest rate of up to 17.25%, who are considered the central arm in implementing its monetary policy.
On Thursday, October 27, the Central Bank announced that it would raise the interest rate by 2% in an extraordinary meeting of the Monetary Policy Committee to confront the rise in inflation (prices) that will be generated by the decision to liberalize the exchange rate (the depreciation of the pound once morest foreign currencies).
And 9 of the total banks that decided the interest rate offered a return rate of 17.25%, as some of them began issuing them before the end of last October, following the Central Bank’s decision to increase the interest rate.
Determining each bank’s interest rate on its certificates is subject to various studies according to its cost of funds, target customers, liquidity levels, and the movements of its competing banks.
In the following lines, Masrawy discusses the decision of 13 banks to raise the interest rate on triple saving certificates, following the recent changes.
1- The National Bank of Egypt:
He issued a platinum certificate for a period of 3 years, with an annual return of 17.25%, and the return is spent annually.
The bank also provided the certificate with a high interest that varies according to the periodicity of the exchange, including 16% annually with a monthly periodic exchange, an interest of 16.25% with a quarterly periodicity of the return exchange, and 16.5% annually with a semi-annual periodicity of the return exchange, and it starts to be purchased from the first thousand pounds and its multiples.
2- Banque Misr:
Banque Misr raised the interest rate on issuing the “top” certificate for a period of 3 years, by 3.25%, to reach 17.25%, to be paid annually. One thousand pounds and its multiples.
2- Bank of Cairo:
Banque du Caire issued a new savings certificate “Primo Gold” for a period of 3 years, with a return of 17.25% annually. and multiples of a thousand pounds.
4- QNB ALAHLI Bank:
He issued a new triple certificate with interest ranging from 16% annually with a monthly payment period for the return, 16.25% with a quarterly payment period, and 17.25% with an annual payment period, and its purchase starts from 500,000 pounds as a minimum.
5- Arab African International Bank:
Offering a high-return triple certificate following the increase, ranging between 17.25% annually with an annual return exchange period, 16.5% annually with a semi-annual return exchange period, 16.25% with a quarterly return exchange period, and 16% with a monthly exchange period.
6- Al Baraka Bank:
Offering a new triple investment certificate with a variable return rate of no less than 17.25%, to be the first Islamic bank to offer a certificate with a high return in accordance with the provisions of Islamic Sharia.
It starts with a minimum purchase of the first thousand pounds and its multiples.
7- SAIB Bank
Offering a new high-yield certificate under the name (Crystal) for a period of 3 years, with a return of 17.25% paid annually, or an annual return of 16% paid monthly, or an annual return of 16.25% paid quarterly, or an annual return of 16.5% paid semi-annually.
And it starts to be purchased from the first million pounds as a minimum.
8- Nasser Social Bank:
Increasing the interest rate by 2.25% on the 3-year certificate for the elderly from the age of 60 years and above, which is offered under the name “Repaying the Favor”, to reach 17.5% annually instead of 15.25%, and the return is paid annually.
And raising the rate of return of the savings certificate for a period of 3 years, with an annual return available to all customers from the age of 16, by 2.25%, to reach 17.25% instead of 15%.
The bank also provides other versions of the certificate with multiple exchange cycles, including 16.25% for the quarterly return exchange period, and 16% for the monthly exchange period.
Buying any certificate from them starts from the first thousand pounds.
9- Agricultural Bank:
He issued a triple savings certificate with an annual return of 17.25%, paid annually, or 16% annually, paid monthly, or 16.25% annually, paid every quarter.
And it starts to be purchased from the first thousand pounds as a minimum.
10- The Egyptian Export Development Bank:
He issued a triple certificate with an annual interest of up to 17%. The return is paid annually, and it starts to be purchased from the first thousand pounds.
11- Emirates NBD Bank
Offering a triple certificate with an interest rate of 15% annually, the return is paid monthly, and its purchase starts from the first thousand pounds as a minimum.
He offered a quaternary certificate with an interest rate of 16%, and the return is paid monthly, but it starts to be purchased from the first 100 thousand pounds, then multiples of 10 thousand pounds, according to the bank’s website.
12- National Bank of Kuwait:
Offering a triple certificate with an annual interest rate of 16.25%, and the return on it is spent monthly, and it starts to be purchased from the first 500 thousand pounds.
The bank also made it possible to sell a triple certificate from the first thousand pounds, with an interest rate of 16%, the return is paid monthly, and 16.15%, the return is paid annually.
13- CIB Bank
He issued a triple certificate under the name “Prime”: at an annual interest rate of 14% annually with a monthly periodicity for disbursing the return, and the minimum purchase price starts from 10,000 pounds, then doubles the thousand pounds.
He presented a triple certificate under the name “Plus”: the annual interest rate is 14.5%, with a monthly periodicity, to pay the return, and the minimum purchase price starts from 200,000 pounds, then multiples of 1,000 pounds.
He sells a triple certificate under the name “Premium”: the annual interest rate is 15% with a monthly periodicity to pay the return, and the minimum purchase price starts from one million pounds.
