Cairo – Mubasher: Banque du Caire announced launching the Gold annual savings certificate for a period of one year with a return rate of 25%, disbursed upon maturity, and 22.50% paid monthly.
The certificates will be available for purchase for a limited time until achieving the required target, the Middle East News Agency (MENA) reported.
Earlier this month, the National Bank of Egypt (NBE) and Banque Misr issued one-year certificates of deposit at an interest rate of 25%, disbursed annually, and 22.50% disbursed monthly.
On 16 January, the Chairman of Banque Misr, Mohamed El-Etreby, announced that the 25% return one-year Talaat Harb certificate of deposit will be cancelled within days or by the end of this month at most. The move comes after achieving the required target.
In December 2022, the Monetary Policy Committee (MPC) raised the Central Bank of Egypt’s (CBE) deposit rate, overnight lending rate, and the rate of the main operation by 300 basis points (bps) to 16.25%, 17.25%, and 16.75%, respectively. The discount rate was also raised by 300 bps to 16.75%.
