12:57 PM Wednesday, August 09, 2023
I wrote – Manal Al-Masry:
The National Bank of Egypt raised the interest rate by 1% on (short-term) deposits with a return that is paid at the end of the period, starting from a week to a year, according to what the bank published on its website today.
The decision of the National Bank to raise the interest rate on deposits came after the Central Bank’s decision to increase the interest rate by 1% at the last meeting of the Monetary Policy Committee last Thursday, to reach a range of 19.25% for deposits and 20.25% for lending, with the aim of absorbing the expected inflationary risks, as inflation rates reach their peak during the second half of the year. current year.
Short-term deposits give customers the ability to invest their savings in short periods, while allowing for easy recovery if they wish, without waiting for a specific period from the date of linking them, as happens with certificates that are prohibited from being broken except after 6 months of purchasing them, which is the most important characteristic of them.
In the following lines, Masrawy provides details of interest rates on term deposits after the decision to increase the interest rate.
– From a week to 15 days: the interest rate increased to 6% annually instead of 5%.
From 15 days to less than a month: The annual interest rate increased to 6% instead of 5%.
– From one month to less than two months: The annual interest rate increased to 7.5% annually instead of 6.5%.
– From two months to less than 3 months: the annual interest rate increased to 7.5% instead of 6.5%.
– From 3 months to less than 6 months: The annual interest rate increased to 8% instead of 7%.
– From 6 months to less than a year: The annual interest rate increased to 8% instead of 7%.
2023-08-09 09:57:00
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