The National Bank of Egypt reduced the interest rate or return on its three-year Platinum Certificates, the return of which is paid monthly, from 12 percent annually to 11 percent.
The bank also stopped issuing the three-year Platinum Certificates whose return is paid quarterly.
Furthermore, Banque Misr also reduced the interest rate or return on its three-year Summit Certificates, the return of which is paid monthly from 12 percent annually to 11 percent.
Existing certificates will continue at the same rate applicable until their maturity date, with the new rates will only applying to new certificates.
The Monetary Policy Committee of the Central Bank of Egypt announced following its meeting on Thursday that it maintained its overnight deposit rate at 8.25 percent, its overnight lending rate at 9.25 percent, and its main operation rate at 8.75 percent.
It also kept its credit and discount rate at 8.75 percent.
Edited translation from Al-Masry Al-Youm