National Bank of Egypt and Banque Misr halt issuance of 17% savings certificates
Ahram Online, , Thursday 12 Apr 2018

The National Bank of Egypt and Banque Misr announced on Thursday they have halted the issuingofsavings certificates with fixed annual returnsof 17 percent.

The NBE announced it will issue new variabl-revenue savings certificatesfromSunday, with 0.25 percent revenue more than the deposit rate at the Central Bank of Egypt.

InFebruary, the CBE cut key interest rates by 100 basis points.

The ratesof the central bank’s main operation and the discount rate were both cut by 100 basis points to 18.25 percent.