10:50 pm
Thursday 22 December 2022
I wrote – Manal Al-Masry:
Banque Misr and the National Bank of Egypt raised the interest rate on variable-yield triple savings bonds by 3%, due to the link with the rate on deposits at the Central Bank, after the latter’s decision of a few hours it raises the interest.
The Central Bank decided to raise interest rates by 3% on deposits and loans at its last Monetary Policy Committee meeting in 2022 today, Thursday, to curb inflation (the pace of price increases), exceeding market expectations .
And the interest rate in the central bank, after today’s increase, has become 16.25% on deposits and 17.25% on loans.
The interest rate of the National Bank of Egypt on the platinum certificate with a variable yield for a period of 3 years has increased to 16.5% per annum instead of 13.5%, and the yield on it is spent on a quarterly periodicity .
The interest rate in Banque Misr on the 3-year variable-yield summit certificate has increased to 16.5% per annum instead of 13.5%, and the interest on it is paid every 3 months.
Existing customers holding variable yield certificates benefit from the interest rate increase, as it rises and falls according to the Central Bank’s rate, according to the instructions for this type of certificate.
The National Banks and Misr have not yet announced the fate of the interest rate on the triple fixed yield certificates.