NBE, Banque Misr adjust returns on saving certificates after CBE interest rate cut
State-owned National Bank of Egypt (NBE) and Banque Misr adjusted their high-yield savings certificates on Wednesday following the Central Bank of Egypt’s (CBE) first interest rate cut in five years.
The NBE said it would reduce rates on its three-year variable-return platinum certificates by 2.25 percentage points. Fixed-rate three-year certificates will see a 2-point cut across all maturities.
It also announced that it would discontinue its popular platinum savings certificates, which offered an annual return of 17.25 percent.
In tandem, Banque Misr lowered the yield on its three-year variable-return certificates by 2.25 percentage points — from 27 percent to 24.75 percent.
The revised rates also apply to other accounts, including current accounts, monthly savings products, and pensioner-designated options.
The changes take effect on Sunday, 27 April.
The moves follow the CBE’s decision on Thursday to lower overnight interest rates by 225 basis points to 25.5 percent.
The CBE also reduced the lending rate to 26 percent and the deposit rate to 25 percent.
The monetary easing comes amid a sharp slowdown in inflation, which surged to a record 38 percent in September 2023 but has since moderated.
Annual headline inflation fell to 12.8 percent in February and 13.6 percent in March, down from 24 percent in January, suggesting a sustained cooling of price pressures.