11:54 p.m
Sunday 09 October 2022
I wrote – Manal Al-Masry:
Today, Sunday, Banque Misr raised the interest rate on dollar certificates with terms of 3 and 5 years for the first time in regarding 6 years from the decision to liberalize the exchange rate in November 2016, according to what was published on its website.
The interest rate on dollar certificates in Banque Misr increased by 3.05% to record 5.30% on some periodic exchanges, compared to 2.25% previously on all maturities.
Banque Misr’s decision to raise interest on dollar certificates came following the National Bank announced yesterday to increase the interest rate on dollar certificates starting today to provide an opportunity for all Egyptian customers working abroad and at home to obtain a distinguished return on their dollar savings.
According to the Banque Misr website, the interest rate hike came on dollar certificates without increasing it on euro or pound certificates until writing this report.
The decision of the two largest banks in the Egyptian banking market to raise the interest rate on dollar certificates came following the direction of the Federal Reserve (the US Central Bank) to raise the interest rate on the dollar in its last 5 meetings in a row, to record 3.25% with the aim of curbing inflation, which recorded a record for the first time from 40 years.
In the following lines, Masrawy presents the interest rates on dollar certificates following increasing them at Banque Misr.
1- 3-year stability certificate: the annual interest rate ranges between 5.15% annually for the monthly interest-disbursement periodicity, 5.20% for the quarterly interest-disbursement periodic, 5.25% for the semi-annual return-disbursement periodic, and 5.30% for the annual return-disbursement periodic.
The purchase of the certificate starts from the first $100, which is the lowest minimum purchase amount for dollar certificates at the level of major banks.
2- Dollar stability certificate for 5 years: the annual interest rate ranges between 5% for the monthly return periodicity, 5.05% for the quarterly return periodicity, 5.10% for the semi-annual return periodicity, and 5.15% for the annual return-disbursement periodicity.
The purchase of the certificate starts from the first $100.
The Banque Misr did not move the interest rate on my country’s dollar certificate, which is intended for Egyptians working abroad.
