01:42 PM
Saturday 18 January 2020
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I wrote – Manal Al-Masry:
Customer service officials at National Bank of Kuwait, Egyptian Gulf, and First Abu Dhabi said that interest on savings certificates with a fixed return for 3 years decreased between 0.5 and 1%, according to each bank’s decision, starting from last Sunday, affected by the decision of the National Bank of Egypt and Egypt to cut interest on their certificates. .
The Bank of Egypt and the National Bank of Egypt decided on Thursday before last, to cut interest 1% on savings certificates for a fixed return for 3 years, a week before the central bank meeting yesterday, Thursday, which witnessed the stabilization of interest rates on deposits and lending.
A customer service official at the Egyptian Gulf Bank told Masrawy that his bank decided last Sunday to reduce the interest by 1% on the tripartite savings certificate for the fixed return after Al-Ahly and Egypt decided to cut interest on their testimony.
He added that the interest fell on the 3-year certificate in the Egyptian Gulf Bank to 12% annually instead of 13% for the periodicity of spending the annual return, and to 11.5% instead of 12.5% for the periodicity of exchange of semi-annual returns, while it recorded 11.25% instead of 12.25% on the periodicity of the exchange of interest Quarterly, it fell to 11% instead of 12% for the monthly interest period.
A customer service official at the National Bank of Kuwait told Masrawy that his bank had decided to reduce the interest between 0.5 and 0.75% on the fixed-income savings certificate that it issues for a period of 3 years.
He added that the interest declined to 10.5% annually instead of 11% for the monthly interest return payment period, and to 10.75% instead of 11.5% for the quarterly interest return periodic in the National Bank of Kuwait.
A customer service official at First Abu Dhabi Bank told Masrawy that the bank reduced the interest by 1% on the savings certificate with a fixed return for 3 years, to reach 10% annually instead of 11% for the monthly payout period, and to 10.25% instead of 11.25% for the return period. Quarterly.
The central bank decided to keep interest rates unchanged on Thursday, at the first meeting of the monetary policy committee this year, to reach 12.25% on deposit, and 13.25% on lending.
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