The National Bank of Egypt (NBE) announced that it stopped issuing its 18-month platinum savings certificate with 20% annual return rate, while the current certificate holders will continue to receive the same interest rates until the end of their certificates’ maturity.
The NBE has collected 400 billion Egyptian pounds ($22.7 billion) worth of investments from its platinum savings certificates since the flotation of the Egyptian pound in November 2016.
The bank also reduced the return rates on the three-year certificates to 15% instead of 16%, starting from Sunday, February 18. The bank will offer a new one-year certificate with a quarterly return and an annual return rate of 17%.
The NBE said that it will review the prices of all its savings certificates in the Egyptian pound within the coming days in accordance with the decisions of the Central Bank of Egypt’s (CBE) Monetary Policy Committee.