Some banks reacted quickly to CBE’s decision by increasing the interest rates on variable-return certificates and some loan products linked to CBE’s basic interest rates, which automatically adjust after any CBE decision. The banks also revised the interest rates on some of their existing certificates with fixed or variable returns. NBE also increased the interest rate on the “Ahli Daily” current account to 20% as the maximum return. Banque Misr also increased the interest rate on the current account for pensioners with a monthly return of 6% to reach 22%. The minimum amount to buy this certificate is EGP 3,000 and the interest rate is 24.25%.

Source: Daily News Egypt March 10, 2024 15:06 UTC