IDWBE Cuts 10.25% Yearly Revenue of Three Year El ‘Tanmya’ Saving Certificates

Industrial Development and Workers Bank of Egypt (IDWBE) has decided to cut interest rates of the three year El Tanmya Saving Certificates with yearly revenue 10.25%   instead of 11.5%.

Hamdy Azam, member of the board of directors of IDWBE said the bank’s ALCO committee decided to decrease the  interest rates on the savings certificates after the decision of the Central Bank of Egypt (CBE)’s Monetary Policy Committee to cut overnight interest rates on deposits and loans by 50 base points from levels of 8.25% ,9.25% and 8.75%, respectively.

Azam added that the  return on the three year El Tanmya Saving Certificates fell by 9.5% per month, 9.75% quarterly ,10% semi-annually,  10.25%  and per year. 9.75%.

It is worth mentioning that the National Bank of Egypt (NBE), Banque Misr decreased their interest rates on deposits by 1%, a direct response to the central bank’s decision to decrease returns on monetary policy instruments by 50 base points.