Egypt s Banque Misr. Photo: Official website
The CDs offer an initial annual return of 30 percent for the first year, which will decrease to 25 percent in the second year and further drop to 20 percent in the third year, both banks said in official statements.
BM said it introduced two other versions of the CDs, offering quarterly and monthly returns. The quarterly returns are set at 27 percent for the first year, 23 percent for the second year, and 19 percent for the third year.
The monthly returns start at 26 percent for the first year, followed by 22.5 percent in the second year and 19 percent in the third year, according to BM’s statement.
The new certificate categories are available for natural persons and minors, whether Egyptians or foreigners, starting at EGP 1,000 and its multiples.
BM also made adjustments to the interest rate for the existing three-year CDs, known as "The Summit" (or Al-Qimma in Arabic), which previously offered an annual yield of 19 percent. The new CDs will now provide a higher yield of 21.5 percent.
Additionally, the bank will continue to offer Talaat Harb savings certificates, which offer annual returns of 27 percent or monthly returns of 23.5 percent.
Meanwhile, the NBE adjusted the interest rate for the three-year platinum decreasing-yield certificate, with the returns to be paid monthly at an annual rate of 26 percent for the first year, 22 percent for the second year, and 18 percent for the third year, for new certificates.
The bank also decided to adjust the interest rate on the three-year fixed-return platinum certificate to 21.5 percent annually, instead of 19 percent monthly, for new issuances.
Earlier Wednesday, the Central Bank of Egypt (CBE) allowed the Egyptian pound to float freely, raising the interest rates by six percent.
As a result, the local currency experienced a significant drop during the early hours of the day, declining by 62 percent to approximately EGP 50.1 against the US dollar and EGP 54.5 against the euro.
Short link: