NBE, Banque Misr raise interest rates on dollar certificates

MENA , Ahram Online , Saturday 8 Oct 2022

State-owned banks National Bank of Egypt (NBE) and Banque Misr (BM) announced on Saturday that they were going to raise interest rates on their dollar-saving certificates from 2.25 to 5.30 percent annually.

Dollars
File Photo: A man counting Dollars. Al-Ahram

 

The NBE’s decision covers the three, five and seven-year certificates, as well as new versions that may be issued later.

Under the move, the yield of golden certificates (three-year term starting from $500) will reach 5.30 percent annually, 5.25 percent biannually, 5.20 percent quarterly, or 5.15 percent monthly.

The rate on five-year Ahl Masr certificates (starting from $500) will hit 5.15 percent annually, 5.10 percent biannually, 5.05 percent quarterly, or 5 percent monthly, while the yield of seven-year Ahl Masr certificates (starting from $1,000) will hit 5.05 percent annually, 5 percent biannually, 4.95 percent quarterly, or 4.90 percent monthly.

Banque Misr (BM) also announced that it would raise interest on dollar-saving certificates of three years term starting from $100 to also reach 5.30 percent annually, 5.25 percent biannually, 5.20 percent quarterly, or 5.15 percent monthly as of Sunday.

It also raised the interest on dollar-saving certificates of five years.

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