The Internet banking service of the National Bank of Egypt showed, today, that the interest rates on National Investment Bank investment certificates offered by the National Bank of Egypt have been reduced, to 6% for a group B investment certificate for one year.
The National Bank of Egypt offers investment certificates with a return of 11% with a maturity of 3 years, and their returns are paid monthly.
The National Investment Bank reduced the return on the one-year investment certificate B certificate to 6% instead of 9.75%.
The National Investment Bank reduced the return on the two-year investment certificate B certificate to 6.5% annually from 9.5%.
The return on the 3-year Group B Certificate of Investment decreased to 9% annually from 9.25%.
On December 24, the National Bank of Egypt announced that the Assets and Liabilities Committee of the National Bank of Egypt decided today to reduce the annual return on its 3-year platinum certificate, by 1%, starting from the issuances that take place after the end of work today, Thursday, December 24, 2020, to become 11% annually for certificates whose returns are paid monthly instead of 12% annually.
And it was decided to stop issuing the platinum certificate (three years) that the return was paid every three months. Until the due date.
The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting on December 24, to fix the rate of deposit and lending for one night and the rate of the main operation of the central bank, at 8.25%, 9.25% and 8.75%, respectively, and the credit and discount rate was fixed at 8.75 %.
In times of economic slowdown and high inflation rates, Egyptians resort to investing their surpluses in safe and profitable investment havens that yields a return that absorbs the inflationary effects – the high level of prices for goods and services – and these investment vessels develop financial resources through several means.
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