Yahya Aboul Fotouh, Vice President of the National Bank of Egypt – said that the bank decided today, through the Assets and Liabilities Committee, to reduce the interest rate on the platinum certificate of return (every three years) by 1%, to 12% instead of 13%.
Aboul Fotouh explained, in a special statement to Middle East News Agency – that the decision to reduce interest rates on the platinum certificate came after studying its cost in the recent period, especially that it was not reduced at the time when the central bank recently cut interest rates
Aboul Fotouh pointed out that low inflation rates helped reduce interest rates for the Platinum certificate, stressing that the reduction helps in lending to customers and factory owners, which contributes to opening new job markets and increasing commercial traffic. .
It is worth noting that the National Bank of Egypt decided to reduce interest rates on the platinum certificate with interest every three years, one week before the convening of the Monetary Policy Committee of the Central Bank to determine the interest rates on deposits and lending scheduled to be held next Thursday. .
The National Bank of Egypt has decided to stop offering the Platinum Certificate with an annual return of 17%, which is spent every 3 months and has a duration of 12 months, as of the end of business on Thursday 12/4/2018, while the owners of the certificate continue to enjoy their benefits until their certificates are due..
This decision comes in light of the decrease in the deposit and discount rates at the Central Bank of Egypt, as well as the improvement of inflation and core inflation indicators announced during the past days..
The bank also announced the launch of a new savings product with a variable return starting from Sunday 15/4/2018 to meet the needs of its customers as it will issue the platinum certificate with variable return for a period of three years and spend its return every 3 months and change periodically as it is calculated by a quarter of a percent higher than the central bank deposit price The Egyptian.
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