03:25 PM
Monday 28 September 2020
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I wrote – Manal Al-Masry:
An employee in the customer service at Banque Misr said that the bank decided to keep the savings certificate with terms of 3 years for fixed return unchanged at 12%, with the return paid monthly.
Banque Misr’s decision to fix the interest on the certificate came in line with the National Bank of Egypt’s decision to keep the interest of the Platinum Savings Certificate for a fixed return of 3 years at 12.25% per year for a quarterly return and 12% for a monthly return despite the Central Bank’s reduction of the interest.
During the Monetary Policy Committee meeting last week, the central bank surprised the banking market by cutting the interest rate by 0.5%, to 8.75% on deposits and 9.75% on lending.
The two banks moved to keep the triple certificate after stopping the 15% certificate.
The National Bank and Egypt decided to stop issuing the annual savings certificate with a return of 15%, effective Monday.
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