CBE likely to cut interest rates on July 18
The Central Bank of Egypt (CBE) is anticipated to cut interest rates in its forthcoming meeting on July 18, an anonymous financial expert told Amwal Al Ghad English.
Moreover, the Commercial International Bank (CIB) has reduced interest rates on its savings certificates following a notable decline in inflation to a two-year low of 27.1 per cent as of May 2024. Prime three-year savings certificate now has a 20 per cent interest rate, down from 22 per cent, with a minimum buy-in of EGP 100,000.
Plus certificate’s rate is now 21 per cent, reduced from 23 per cent, requiring at least EGP 1 million, while Premium Certificate’s rate has been cut to 22 per cent from 24 per cent, with a minimum investment of EGP 5 million.
