National Bank of Egypt says won’t slash rates on saving certificates

National Bank of Egypt (NBE), the country’s largest state bank, has decided not to slash the interest rates of it savings certificates and keep it without changing, its vice chairman Yehia Abul Fotouh said on Thursday.

He further told Amwal Al Ghad that the interest rates on the platinum certificate will be kept at 14 percent monthly and 14.25 percent every three months.

The Central Bank of Egypt (CBE) has decided on Thursday to cut interest rates by 1 percent, reducing the credit and discount rates by 100 basis points to 13.75 percent.

The CBE’s Monetary Policy Committee (MPC) also decided to reduce overnight deposit rate, overnight lending rate, and the main operation rate by 100 basis points to 13.25 percent, 14.25 percent, and 13.75 percent, respectively.