NBE and Banque Misr offer new savings certificates with a decreasing rate of return up to 30% annually
First Bank
The National Bank of Egypt (NBE) and Banque Misr, "the two largest government banks in Egypt", revealed the introduction of 3-year savings certificates with a record annual return 30% for the first year, 25% for the second year and 20% for the third year.
The decision came shortly after the Central Bank of Egypt raised interest rates by 600 basis points at an extraordinary meeting on Wednesday to reduce inflation.
In a statement, the National Bank of Egypt (NBE) said it had decided to adjust the rate of return on the 3 years decreasing platinum with a monthly rate of exchange to an annual rate of 26% for the first year, 22% for the second year, and 18% for the third year of new issuances from Wednesday.
