National Bank determines the interest
Today, Yahya Abul-Fotouh, Vice Chairman of the National Bank of Egypt, revealed that the bank had decided to freeze savings certificates with an annual return at a fixed 15% interest, and replaced them with another type of savings certificates with a 3-year term at a return of 12.25% per year, provided that the return on them is paid in a manner Quarterly, meaning every 3 months, while the bank offered other 3-year certificates with an interest of only 12%, provided that the return on them is monthly, i.e. disbursed every month.
This is in the context of reducing the interest on savings certificates by a decision of the Central Bank, which was announced last week. The Central Bank reduced the interest by .5% at the beginning of the year, and now it has reached 8.75% on public deposits and the reduction rate on loans reached 9.75%. This reason is due to the recovery The Egyptian economy has pumped a large number of good investments to the local markets.
Abul-Fotouh indicated that the National Bank insisted on continuing to pump platinum certificates to its customers in an attempt to compensate customers for freezing the 15% fixed-return certificates, adding that both Banque Misr and Bank of Alexandria have taken the decision to stop the high-interest platinum certificates from last Monday.