The National Bank of Egypt (NBE) and Banque Misr have issued two new three-year maturity saving certificates with a 19% and 22% interest rate, days after the CBE has raised the interest rates by 2 per cent.
The CBE raised key interest rates by 2 per cent amid actions taken to combat rising inflation.
According to a joint statement published by the two banks, the first certificate will have a fixed interest rate of 19 per cent and its returns will be paid monthly.
The second one is a variable-rate certificate with a 22 per cent annual yield in the first year, 18 per cent in the second year and 16 per cent in the third year. Returns will be paid monthly, according to the statement.
Egypt’s annual core inflation made a historic high record of 40.3 per cent last month, according to the CBE.
Domestic supply chain disruptions, a depreciating Egyptian pound, demand side pressures “as evidenced by developments in real economic activity relative to potential capacity” and high broad money growth outturns fuelled inflation, the statement said.
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