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Yahya Aboul Fotouh, Deputy Chairman of the National Bank of Egypt, said in a statement to “The Seventh Day” that the National Bank decided to offer a new savings certificate for a year with the highest interest in Egypt, at 15%, to be paid monthly, provided that the offering begins next Sunday. These certificates are the highest interest in Egypt with regard to savings certificates of one year.
The Monetary Policy Committee of the Central Bank decided last Monday to reduce the interest rate by 3%, exceptionally and urgently, which contributes to supporting economic activity in all its sectors, taking into account future expectations of inflation and its consistency with achieving the target inflation rate of 9%.
The Monetary Policy Committee said in a statement issued after its emergency meeting, that the decision to reduce basic interest rates by 300 basis points comes in light of global developments and conditions and the consequent move to preserve the gains achieved by the Egyptian economy since the launch of the national economic reform program and what the central bank used The Egyptian to take proactive steps in exceptional circumstances.
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