NBE offers 2 savings certificates, with a fixed return of 19%, Diminishing return of 22% for 3 years

National Bank of Egypt revealed, Today, the issuance of 2 new savings certificates, with a fixed return of 19% for a maturity of 3 years, and a diminishing return of 22%.

The first certificate was offered with a fixed return for 3 years, as the annual return of the certificate reached 19% and is disbursed monthly.

The second certificate came with diminishing return for 3 years, as the annual return rate was 22% for the first year, 18% for the second year, and 16% for the third year.

This step comes after the Central Bank of Egypt decided to raise interest rates by 200 basis points, to face inflation.

MPC of CBE had issued in its last meeting, March 30, 2023, to raise the rates of the overnight deposit and lending return, and the price of the main operation of the Central Bank by 200 basis points, to reach 18.25%, 19.25% and 18.75%. % respectively.

Moreover, MPC raised the credit and discount rate by 200 basis points, to reach 18.75%.