11:08 am
Thursday 09 January 2020
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I wrote – Manal Al-Masry:
Bank of Egypt and Al-Ahly Bank of Egypt reduced interest rates on 3-year savings certificates by 1%, as of Thursday.
In the National Bank, the interest on the 3-year platinum certificate decreased to 12% instead of 13% for the certificate with a monthly return.
The bank reduced interest on the same certificate but for the quarterly return to 12.25% instead of 13%.
A bank official said to Masrawy that the National Bank sent a letter today, Thursday, to all its branches at the new interest rates.
Banque Misr reduced the interest on the 3-year summit certificate to 12% instead of 13%.
The new interest rate applies to new certificates only, while remaining at the same rate as for existing certificates.
The interest cut comes a week before the central bank’s monetary policy committee to discuss interest rates at its first meeting after the formation of the central bank’s board of directors.
The central bank decided to postpone the interest meeting last month until the approval of the formation of its board of directors.
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