A number of bankers expected that banks might issue savings certificates at a high interest rate in the coming months, in an attempt to control the inflation rate, to provide for the needs of citizens, and this came following Egypt was affected by the increase in food prices, which the whole world is witnessing, due to the Russian-Ukrainian war. .
Offering high savings certificates to counter inflation:
It is reported that the Central Bank of Egypt, in 2020, allowedEgypt Bank And the National Bank, by offering high certificates at an interest rate of 15% annually for a period of one year, and the interest rate is paid monthly, in order to compensate customers for the repercussions of the outbreak of the crisis. Corona Virus The new Covid-19, while the central bank also offered higher benefits earlier.
As a savings certificate with an interest rate of 20% annually, for a period of one and a half years, and the return is paid monthly, and a certificate with an interest rate of 16% for a period of 3 years and the return is disbursed every 3 months, this coincided with the inflation rate, which at that time reached regarding 34% a few years ago.
The current interest rate in the central bank:
The price of Benefit 8.25% for deposit and 9.25% for lending. Al-Ahly Bank, Egypt and 4 other banks offer a certificate with an interest rate of 11% annually for a term of 3 years, while Med Bank offers a certificate with an interest rate of 11.25% for a term of 3 years, which is the highest savings certificates available at the present time.
It is noteworthy that the Central Bank of Egypt will hold a meeting next Thursday, corresponding to March 24, of the Monetary Policy Committee, in order to take a decision on the interest rate, in light of the increasing expectations of analysts, in order to raise interest rates to control the inflation rate.
