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Investing.com – Leading Egyptian banks, the National Bank of Egypt and Banque Misr decided today, Thursday, to issue a 3-year platinum certificate with an annual yield of 17.25%, and the yield will be paid annually .
Ahli Bank
The Bank’s Active and Passive Committee has also decided to increase the rate of return of the 3-year platinum certificate with monthly return, to become a return of 16% per annum instead of 14%, starting today, for new or renewed certificates. automatically.
The bank also issued the same certificate at the rate of 16.25% per annum on a periodic quarterly return and at the rate of 16.50 per annum on a periodic semiannual return.
Bank of Egypt
Banque Misr announced today an increase in the interest rate on the issuance of the certificate of the summit for a period of 3 years of 3.25% to reach 17.25%, according to the frequency of the return exchange, which is in line with the same decision of the National Bank of Egypt.
Banque Misr said in a statement on Thursday that the Bank’s Assets and Liabilities Committee has decided to increase the 3-year summit certificate’s rate of return with a monthly return, to become a return of 16% per annum instead of 14. %, to be paid monthly, starting today, and this only applies to new or auto-renewed certificates.
The bank has also issued the same certificate, periodically, paying a quarterly annuity at an interest rate of 6.25%, the value of the certificate is available for redemption according to the redemption rules for martyrs, and has also introduced a periodicity of annual payment return of 17.25% of the same terms of the certificate.
The Central Bank said Thursday morning that it had decided to match the exchange rate of the value of the pound against other foreign currencies by means of supply and demand forces within the framework of a flexible exchange rate system.
The Central Bank of Egypt has also announced that it will progressively cancel the instructions given on February 13, 2022, regarding the use of documentary credits in import financing transactions, until their complete cancellation is completed in December 2022.
In its extraordinary meeting, the Monetary Policy Committee decided to increase the interest rates on sight deposits and loans and the central bank principal transaction rate by 200 basis points to respectively reach 13.25%, 14.25% and 13.75%.
The credit and discount rate was also increased by 200 basis points to 13.75%.
