A week after the Central Bank of Egypt (CBE) raised its basic interest rates by 2%, only a few banks have followed suit, according to Daily News Egypt. The National Bank of Egypt (NBE) and Banque Misr were the first to increase their interest rates, followed by some private banks. As a result, the interest rates on variable-return certificates and some loan products that are linked to CBE’s basic interest rates automatically rose by 2%. Banque du CaireBanque du Caire decided to raise the return on the “Mega Savings” savings account to 25%. The monthly return is 21%, the quarterly return is 22%, the semi-annual is 23%, and the annual return is 25%.

Source: Daily News Egypt February 11, 2024 11:32 UTC