05:09 PM
Friday May 27 2022
I wrote – Manal Al-Masry:
Some banks have decided to raise the interest rate on certificates, savings and loans following the Central Bank’s decision to raise interest rates by 2% at once at its last meeting this month.
However, other banks still need more time to monitor the movements of competing banks before making the decision to raise interest rates.
The Central Bank had raised the interest rate in the third meeting of the Monetary Policy Committee this month by 2%, following raising it by 1% in an exceptional meeting of the Committee on March 21, the same day that the National Bank of Egypt and Egypt offered a high-return savings certificate of 18 %.
Masrawy presents the decisions of some banks to increase or fix the interest on certificates and savings vessels:
1- The National Bank of Egypt:
He decided to continue offering a certificate of 18% annually for a year without offering new certificates at a higher interest rate, as well as maintaining the platinum certificates of all kinds.
2- Banque Misr:
He continues to sell a certificate of 18% annually for a year without any increase, and thus settles the case of controversy because there is no prospective certificate with an interest rate of 20%, and he also decided to keep the rest of the certificates with him.
3- Commercial International Bank:
It was announced that two new certificates would be offered at a high interest rate of 14% annually for a term of 4 years, and 13.5% annually for a period of 3 years, with a monthly return periodicity, provided that the minimum purchase amount is not less than 100,000 pounds.
4- The United Bank:
He decided to raise interest from 1% to 2% on savings accounts and deposits, as well as 2% on loans.
5- Faisal Islamic Bank:
Raising the interest by 2% on Murabahas for individuals (finances for cars, durable goods and travel), and the return of the certificates is subject to the results of the bank’s business every 3 months in accordance with the principles of Islamic Sharia.
6- Al Ahli Bank of Kuwait:
Issue a certificate with an interest rate of 13.5% annually for a period of 3 years, and the return is paid monthly.
7- HSBC Bank:
He decided to keep his triple certificate at an interest of 13.5% annually and pay the return monthly, which he offered last month in a preemptive step for the Central Bank’s decision.
8- Abu Dhabi Commercial Bank:
He decided to maintain a triple certificate with an interest rate of 12%, with the return paid monthly, provided that the minimum purchase amount is not less than one million pounds, and another certificate with an interest rate of 11.5%, the return is paid monthly for a period of 3 years, with a minimum purchase of 5,000 pounds.
It is noteworthy that keeping the certificates interest on the bank does not mean that there are no possibilities to raise them, but it needs more time to study the market and follow up the movements of competing banks.
The rest of the banks are studying the fate of the interest rate increase during the next week, led by Banque du Caire, Alexandria, Credit Agricole, QNB Al Ahly Egypt, and Med Bank.
