The National Bank of Egypt raised the interest rate on the three-year savings certificate.
There will be a variable return, by about two percent resulting in a 18.5 percent return instead of a 16.5 percent return.
The National Bank of Egypt said, in a statement, that the new savings certificate can be purchased, starting from LE1,000.
You can access this service from any of the bank’s branches or via internet banking.
According to the National Bank of Egypt, the triple savings certificate with a variable return grants customers a quarterly return.
Customers can now borrow with the guarantee of this certificate from any of the bank branches.
They can also have credit cards issued with all kinds of guarantee through these certificates.
This is in accordance to the instructions in force, the bank said.
The Central Bank of Egypt raised its key interest rates by 200 basis points (bps) on Thursday, setting the overnight lending rate at 19.25 percent and the overnight deposit rate at 18.25 percent.
The Central Bank of Egypt also raised the credit and discount rate by 200 basis points, to reach 18.75 percent.
Earlier Thursday, a source with the National Bank of Egypt denied, in a statement to Cairo 24 website, offering new savings certificates with a return of 25 percent and 30 percent, after the central bank raised interest rates.
The certificates of 25 percent and 22.5 percent interest return at the National Bank of Egypt and Banque Misr garnered about LE468 billion in about four weeks, since the two banks offered the two certificates for purchase from January 4 to January 31.
