Yahya Aboul Fotouh, Vice Chairman of the National Bank of Egypt, said in a statement to “The Seventh Day” that the bank announced that the prices of high-yielding platinum certificates of 12% and 12.25% will not be changed in the return that is spent monthly and every 3 months, respectively.
These certificates are the highest interest in Egypt for savings certificates of 3 years duration.
The Monetary Policy Committee of the Central Bank decided yesterday to reduce the interest rate by 3%, exceptionally and urgently, which contributes to supporting economic activity in all its sectors, taking into account future expectations of inflation and its consistency with achieving the target inflation rate of 9%.
The Monetary Policy Committee said in a statement issued after the emergency meeting held yesterday, the decision to reduce the basic interest rates by 300 basis points comes in light of global developments and conditions and the consequent move to preserve the gains achieved by the Egyptian economy since the launch of the national economic reform program and what the central bank used The Egyptian to take proactive steps in exceptional circumstances.
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