File photo: People queue to buy Suez Canal investment certificates at a bank in Cairo September 4, 2014 (Photo: Reuters)
Egypt's National Investment Bank (NIB) has upped the interest rates on its five-year investment certificates to become the highest yield offered so far among lenders, state-run news agency MENA reported on Thursday.
The state-owned bank has raised the interest rate on the saving certificate (category A), which generates a flat periodical yield from 9.75 percent to 10.75 percent and (category B) that has a compound annual yield from 10.25 percent to 12.75 percent, MENA said citing an anonymous official banker.
Last week four big Egyptian banks; Banque Misr, the National Bank of Egypt (NBE), Societe Arab Internationale de Banque (SAIB) and Banque Du Caire raised interest rates on their three-year saving certificates to 12.5 percent from the average 10 percent at Egyptian banks.
NIB has also shortened the maturity of these certificates to five years instead of ten and to disburse the yield every three months instead of six as before.