The Commercial International Bank announced, on Monday, the issuance of investment certificates for a period of 3 years, with a fixed return of 22%, to be paid monthly.
The bank revealed that the minimum purchase amount for the new certificate is 3 million pounds, and multiples of 1,000 pounds.
And yesterday, Sunday, the National Bank of Egypt and Banque Misr offered two new savings certificates for a period of 3 years, with a return of 19% fixed, and 22% decreasing.
The first certificate was offered for a period of 3 years, with a fixed return of 19% annually, to be paid monthly, and the second certificate for a period of 3 years, with a decreasing interest rate of 22% for the first year, 18% for the second year, and 16% for the third year, and the return is paid monthly.
The two banks said that issuing these two certificates reflects the positive vision of a decline in interest rates during the coming period, with the expected gradual decline in inflation rates, with the stability of markets in light of international and domestic changes and the Central Bank of Egypt’s policy to target inflation.
Last Thursday, the Central Bank of Egypt announced an increase in the basic interest rates by 200 basis points.
And the “Central” stated in a statement that the Monetary Policy Committee decided to raise the rates of return on deposit and lending for one night and the price of the main operation of the Central Bank by 200 basis points, to 18.25%, 19.25% and 18.75%, respectively.