The action came in response to the latest two percent cuts the Central Bank of Egypt (CBE) introduced to the key interest rates on Thursday.
The new cuts bring the total cuts the CBE applied in 2025 to 5.25 percent (525 bps).
The NBE said its Assets and Liabilities Committee (ALCO) lowered the rate on its three-year Platinum Certificate with monthly returns to 17 percent, down from 19 percent.
The bank also revised rates on tiered-return certificates to 21, 16.75, and 13.5 percent monthly and 23,18.5, and 14 percent annually.
Thus, USD-denominated certificates will now offer 4.75 percent for three-year terms, 4.85 percent for five-year terms, and 4.90 percent for seven-year terms.
Banque Misr’s ALCO also announced reductions, cutting the rate on its fixed-rate, three-year “Al-Qimma” certificate to 17 percent annually, from 18.5 percent.
Moreover, the “Ibn Misr” decreasing-rate, three-year certificate will now pay 20.5 percent in the first year, 17 percent in the second, and 13.5 percent in the third, down from 23, 19.5, and 16 percent, respectively.
The USD-denominated savings rates at Bank Misr were also trimmed, with the three-year fixed-rate certificate set at 4.75 percent, down from 5.15 percent. The five-year certificate will pay 4.85 percent monthly or 4.87 percent quarterly, both lower than previous rates.
All state-owned and private banks in Egypt issued high-yield savings certificates in 2023 and 2024 to offer savings pools for individuals to invest their savings amid the high inflation rates the country experienced in response to the repercussions of global and regional tensions.
The dollar-saving certificates aimed mainly at attracting US dollar holders to the banks amid the severe US dollar shortage Egypt witnessed over almost two years, as a result of the Russian war in Ukraine and the monetary tightening policy adopted by all banks globally.
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