NBE, Banque Misr keep interest rate of 3-year saving certificates

The National Bank of Egypt (NBE) and Banque Misr decided Tuesday to keep the interest rate on their three-year saving certificates to support individuals’ savings and reduce the effects of the CBE’s yesterday decision to cut interest rates by 300 basis points.

In statements to MENA, chairman of Banque Misr Mohamed el Etreby said the bank has decided to keep the interest rate on three-year saving certificates unchanged at 12 percent.

Meanwhile, a source at the NBE said the bank decided to keep the interest rate on the same certificates intact.