Both lenders reduced the yield on three-year certificates with a fixed monthly return to 16 percent, down from 17 percent, according to bank announcements.
NBE also cut returns on its three-year platinum certificates with a stepped monthly yield, now offering 21 percent in the first year, 15.25 percent in the second year, and 12 percent in the third year, for an average return of about 16 percent. Platinum certificates with an annual yield were adjusted to 22 percent in the first year, 17.5 percent in the second year, and 13 percent in the third year.
Banque Misr lowered the monthly yield on its three-year declining “Ibn Misr” certificate to 20.5 percent in the first year, 16.25 percent in the second year, and 12.25 percent in the third year. The bank also introduced a new round of three-year “Ibn Misr” certificates with a declining annual yield of 22 percent in the first year, 17.5 percent in the second year, and 13.25 percent in the third year.
The revised rates took effect on Tuesday and are available across all branches nationwide.
The cuts come days ahead of the maturity of 27-percent certificates issued by both banks in January 2024, raising questions about whether the new offerings will be enough to retain depositors as inflation remains a key concern for policymakers.
The moves follow a shift in Egypt’s monetary policy stance this year. After more than three years of aggressive tightening, the CBE has begun an easing cycle, cutting its benchmark interest rates by a cumulative 725 basis points across eight meetings in 2025.
As a result, the overnight deposit rate now stands at 20 percent, the overnight lending rate at 21 percent, and the main operation rate at 20.5 percent, according to the central bank.
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