10:50 pm
Thursday, December 22, 2022
I wrote – Manal Al-Masry:
Banque Misr and the National Bank of Egypt raised the interest rate by 3% on triple saving certificates with a variable return, due to its link to the deposit rate with the Central Bank, following the latter’s decision a few hours ago to raise the interest.
The Central Bank decided to raise interest by 3% on deposits and lending at the last meeting of the Monetary Policy Committee in 2022 today, Thursday, to curb inflation (the pace of price increases), exceeding market expectations.
And the interest rate in the central bank, following the increase today, became 16.25% on deposits and 17.25% on lending.
The interest rate in the National Bank of Egypt on the platinum certificate with a variable return for a period of 3 years increased to 16.5% annually instead of 13.5%, and the return on it is spent on a quarterly periodicity.
The interest rate in Banque Misr on the variable-return summit certificate for a period of 3 years increased to 16.5% annually instead of 13.5%, and the interest on it is paid every 3 months.
Existing clients who hold variable-return certificates benefit from the increase in the interest rate, as it increases and decreases according to the rate at the Central Bank, according to the instructions for this type of certificate.
The National and Misr Banks have not yet announced the fate of the interest rate on the triple fixed-return certificates.
