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

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

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

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