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27 August 12:00 AM

CBE suspends 17% savings certificates, maintains those with 15% turnover

The National Bank of Egypt (NBE) maintained savings certificates with fixed annual returns of 15% after suspending savings certificates with 17% turnover.

The bank also announced plans to issue new variable-revenue savings certificates as of Sunday, with 0.25% revenue more than the deposit rate at the Central Bank of Egypt.

Banque Misr has also haled the 17% saving certificates.

The current certificate holders will continue to receive the same interest rates until the end of their certificates’ maturity.

Investment banks expect the Central Bank of Egypt to lower interest rates to 3 to 5% this year as inflation rates are going down.

In February, the NBE and Banque Misr  stopped issuing the 18-month platinum savings certificate with 20% annual return rate. 

The NBE has collected LE 400 billion worth of investments from its platinum savings certificates since the flotation of the Egyptian pound in November 2016. 

In February, the Central Bank of Egypt (CBE) announced lowering key interest rates by 100 basis points as inflation rate reached in February its lowest level since 2016.

Annual headline and core inflation rates continued to decline to record 14.4% and 11.9% in February 2018, after peaking in July 2017 at 33.0%  and 35.3%, respectively.

The overnight deposit rate dropped to 16.75% from 17.75%, and the overnight lending rate was cut to 17.75% from 18.75%.

The rate of the central bank’s main operation and the discount rate were both cut by 100 basis points to 17.25%.

 The CBE floated the Egyptian pound in November 2016 as part of an economic reform program that included the removal of subsidies on essential commodities.

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